NAIPU MINING(SZ:300818) Huaxin Securities·2024-07-03 08:00Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to achieve significant revenue and profit growth, with a projected revenue increase of over 55% year-on-year for H1 2024, and a net profit of 0.8-0.9 billion yuan, representing a year-on-year growth of 50%-68.75% [1] - The company benefits from high copper prices and an increasing penetration rate of rubber wear-resistant parts, with 70% of its revenue coming from copper mines [1][2] - The company is actively expanding its overseas market presence, with expectations that overseas revenue will increase to 65%-70% within two years, enhancing profitability [2] Summary by Sections Financial Performance - The company forecasts revenues of 13.11 billion yuan, 14.68 billion yuan, and 17.58 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.07, 1.47, and 1.82 yuan [8] - The projected growth rates for revenue are 39.8% in 2024, 12.0% in 2025, and 19.8% in 2026 [10] - The net profit is expected to recover significantly in 2024, with a forecast of 164 million yuan, up from 80 million yuan in 2023, reflecting a growth rate of 104.3% [10] Market Strategy - The company is deepening its overseas development strategy, establishing subsidiaries in various countries, and experiencing a surge in overseas orders with higher profit margins compared to domestic sales [1][2] - The company is enhancing its cost control capabilities, with a period expense ratio of 28.03% in 2023 [1] Research and Development - The company is increasing its R&D investments, focusing on new technologies that are expected to create new growth points, such as the development of composite lining boards and ceramic slurry that significantly enhance the lifespan of parts [5][3]