耐普矿机：海外战略成效显著，营收利润双增长

Investment Rating - The report maintains a "Buy" rating for the company [2][34] Core Insights - The company is expected to achieve a revenue growth of over 55% year-on-year for H1 2024, with net profit projected to be between 0.8 to 0.9 billion yuan, representing a year-on-year increase of 50% to 68.75% [2] - The company has significantly benefited from high copper prices and an accelerated penetration of rubber wear-resistant parts, with 70% of its revenue coming from copper mines [2][33] - The company is actively expanding its overseas market presence, with a focus on countries along the "Belt and Road" initiative, leading to a substantial increase in overseas orders and profitability [2][33] Financial Summary - The company forecasts its main revenue to be 1.311 billion yuan in 2024, with a growth rate of 39.8% [15] - The projected net profit for 2024 is 164 million yuan, reflecting a growth rate of 104.3% [15] - The diluted earnings per share (EPS) is expected to be 1.07 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 24.7 [15][34] Research and Development - The company is investing in the development of composite lining boards and new materials, which are expected to enhance product lifespan significantly [3][21] - Ongoing projects include the upgrade of composite lining technology and smart transformation, anticipated to be completed by the end of the year [3]