耐普矿机净利不稳前三季预降49% 订单增32%难抵EPC项目收入断档

Core Viewpoint - The company Nepe Mining Machine (耐普矿机) has experienced a significant decline in net profit despite a rapid increase in contract signing amounts, primarily due to the absence of EPC project revenue in 2025 [1][2][4]. Financial Performance - For the first three quarters of 2025, the company expects a net profit attributable to shareholders of 61 million to 66 million yuan, a year-on-year decrease of 45.16% to 49.32% [2][3]. - The company's operating revenue for the first half of 2025 was 413 million yuan, down 34.04% year-on-year, with a net profit of approximately 16.99 million yuan, a decline of 79.86% [3][4]. - In contrast, the company reported a net profit of 120 million yuan and a non-recurring net profit of 117 million yuan for the first three quarters of 2024, reflecting a year-on-year growth of 48.78% and 70.90% respectively [2][3]. Contract Signing and Market Expansion - The total contract signing amount for the first three quarters of 2025 increased by 32.21% year-on-year, with a remarkable 80.42% growth in the third quarter alone [1][5]. - The company has made significant strides in international markets, with foreign contract signing amounts growing by 114.30% in the third quarter [5][6]. Revenue Sources and Client Relationships - The overseas market has become a crucial revenue source for the company, accounting for 67.61% and 54.88% of total revenue in 2024 and the first half of 2025, respectively [6]. - The company has established stable partnerships with well-known mining companies such as CITIC Heavy Industries, Zijin Mining, and Jiangxi Copper Group [6]. Challenges and Concerns - The absence of EPC project revenue, which contributed over 200 million yuan in the previous year, has significantly impacted net profit [4][5]. - The company's asset scale is relatively small, with total assets of 2.889 billion yuan as of June 2025, and liquidity is not robust, with cash holdings of 571 million yuan against interest-bearing liabilities of 628 million yuan [7]. - Research and development investment remains low, with R&D expenditures of 28 million, 35 million, and 39 million yuan from 2022 to 2024, representing only about 3.48% of operating revenue in 2024 [7].