耐普矿机首次覆盖报告：选矿备件核心龙头，充分享受矿山出海红利

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 26.27 CNY, corresponding to a 25.19x PE for 2024 [4][19]. Core Insights - The company is a leading domestic manufacturer of mineral processing equipment and wear parts, benefiting from the Belt and Road Initiative and the expansion of overseas mining operations, with significant growth expected in international business [2][4]. - The global market for mineral processing spare parts is estimated to exceed 60 billion CNY, with a trend towards increased penetration of rubber wear parts, potentially reaching a market size of 20 billion CNY [4]. - The company has established strong ties with key domestic and international mining clients, achieving a total contract signing amount of 1.225 billion CNY in 2023, with 725 million CNY (59.18%) from international markets [4]. Summary by Sections Valuation Analysis - The company is projected to achieve revenues of 1.227 billion CNY in 2024, with a growth rate of 30.8%, and net profit of 160 million CNY, reflecting a growth rate of 100.1% [14][15]. - The average PE valuation of comparable companies is 21.53x for 2024, leading to a target price of 26.27 CNY based on a blended PE/PB approach [19][16]. Company Overview - The company specializes in the production of mineral processing equipment and rubber wear parts, focusing on high-performance rubber materials to enhance the efficiency and lifespan of heavy mining equipment [20][21]. - The product range includes slurry pumps, hydrocyclones, and various wear parts, which are essential for the mineral processing workflow [21][22]. Market Trends - Capital expenditures in the mining sector are on the rise, with major global mining companies increasing their spending, which is expected to benefit equipment manufacturers [4][12]. - The company is expanding its global production capacity, with a strategic focus on key mining regions worldwide, including Mongolia, Zambia, Chile, Peru, and Serbia [4][20]. Financial Performance - The company has shown a steady increase in revenue from 207 million CNY in 2013 to 938 million CNY in 2023, with a CAGR of 14.7% [25]. - The gross margin is expected to improve gradually, with the company implementing cost reduction and efficiency enhancement measures [25][26].