耐普矿机：24H1业绩持续高增，海外市场助力公司成长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4]. Core Insights - The company reported impressive financial results for the first half of 2024, with revenue reaching 627 million yuan, a year-on-year increase of 56.68%, and a net profit attributable to shareholders of 84 million yuan, up 58.10% year-on-year [1]. - The growth in revenue is primarily driven by the increase in income from mining system solutions and services (EPC) [1]. - The company has demonstrated excellent cost control, with a decrease in sales and management expense ratios, while maintaining a strong gross margin across its core business segments [1]. - The global economic slowdown and rising demand for precious metals due to geopolitical tensions present significant opportunities for the company, particularly as domestic mining companies seek to expand internationally [1]. Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 1.261 billion yuan, 1.522 billion yuan, and 1.823 billion yuan, representing year-on-year growth rates of 34.4%, 20.7%, and 19.8% respectively [2]. - The net profit attributable to shareholders is expected to reach 157 million yuan, 214 million yuan, and 281 million yuan for the same period, with growth rates of 95.5%, 36.6%, and 31.2% respectively [2]. - The company's price-to-earnings (P/E) ratios are forecasted to be 21.4, 15.7, and 11.9 for the years 2024, 2025, and 2026, indicating a favorable valuation trend [2]. Financial Metrics Overview - The company's revenue for 2024 is estimated at 1.261 billion yuan, with a year-on-year growth rate of 34.4% [3]. - The projected net profit for 2024 is 157 million yuan, reflecting a significant recovery from previous years [3]. - The gross margin is expected to improve, with a forecasted rate of 34.4% for 2024 [3].