NAIPU MINING(SZ:300818) China Post Securities·2024-07-02 07:00Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5][14]. Core Views - The company is expected to achieve revenue of over 3.72 billion yuan in Q2, with a net profit forecast of 0.41 to 0.51 billion yuan, reflecting a year-on-year growth of 50% to 68% [4][25]. - The company is a leading manufacturer of rubber composite wear parts for mineral processing, benefiting from the trend of replacing metal parts with rubber composites [26]. - The internationalization strategy is progressing, with expectations for export revenue to increase to 65%-70% within two years, enhancing overall gross margins [26]. Financial Projections - Revenue projections for 2024-2026 are 12.64 billion, 13.92 billion, and 17.81 billion yuan, with year-on-year growth rates of 34.78%, 10.11%, and 27.99% respectively [5][28]. - Net profit forecasts for the same period are 1.55 billion, 2.10 billion, and 2.76 billion yuan, with year-on-year growth rates of 94.12%, 34.88%, and 31.69% respectively [5][28]. - The company’s P/E ratios for 2024-2026 are projected to be 25.84, 19.16, and 14.55 times [5][28]. Market Position and Trends - The company focuses on high-performance polymer composite materials, which outperform traditional metal materials in terms of wear resistance, corrosion resistance, and environmental friendliness [26]. - The market for rubber composite wear parts is expected to double in size within 3-5 years, driven by increasing demand for mineral processing equipment [26]. - The current replacement rate of rubber wear parts in mineral processing is below 15%, indicating significant growth potential as the company increases R&D and product promotion efforts [26].