NAIPU MINING(SZ:300818) Xin Lang Cai Jing·2025-11-07 12:46Core Viewpoint - The company has demonstrated strong revenue growth and profitability in Q3 2025, driven by increased orders and innovative product development, positioning itself for future expansion in both domestic and international markets [1][2][5]. Financial Performance - In Q3 2025, the company achieved revenue of 301 million yuan, a year-on-year increase of 2.18% - The net profit attributable to shareholders was 46 million yuan, reflecting a year-on-year growth of 26.31% - The net profit excluding non-recurring items was 43 million yuan, with a year-on-year increase of 27.56% [1]. Order Growth and Market Expansion - Total contract value signed in the first three quarters of 2025 increased by 32.21%, with domestic growth of 11.72% and international growth of 51.44% - In Q3 alone, contract signing increased by 80.42%, with domestic growth of 48.31% and international growth of 114.30% - The company’s global expansion strategy is yielding results, particularly in Latin America and Africa, where growth rates have exceeded 50% [2]. Product Innovation - The company has developed a pioneering forged composite liner, which significantly enhances hardness, wear resistance, impact resistance, and corrosion resistance compared to traditional cast chromium-molybdenum steel - Initial trials of the forged composite liner have shown a 10% increase in equipment performance, a 20%-30% reduction in overall weight, and a 7%-12% decrease in energy consumption [3]. Strategic Investment - The company acquired a 22.5% stake in Veritas Resources AG to participate in the development of the Alacran copper-gold-silver mine in Colombia, which has estimated copper reserves of approximately 402,900 tons and gold reserves of 23.5 tons - The total estimated value of the mine's reserves is around 50 billion yuan, with construction expected to begin after environmental approval in 2025 [4]. Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are 1.153 billion yuan, 1.444 billion yuan, and 1.759 billion yuan, respectively - Earnings per share (EPS) are forecasted to be 0.71 yuan, 0.96 yuan, and 1.25 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 43.3, 32.3, and 24.7 - The company is expected to maintain steady growth in its core business while strategically extending into upstream copper resources, creating a second growth curve [5].