NHPM(601882) Huaan Securities·2024-09-02 05:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations with a revenue of 1.679 billion yuan, a slight decrease of 0.97% year-on-year [1] - The machine tool industry experienced a slight revenue decline of 7.7% year-on-year in H1 2024, with the metal cutting machine tool sector showing a revenue increase of 0.5% [1] - The company achieved a record high quarterly revenue of 922 million yuan in Q2 2024, representing a year-on-year increase of 1.13% [1] - The company is focusing on enhancing product competitiveness and expanding its global market presence, with significant investments in R&D and production capacity [1][2] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 293 million yuan, down 8.66% year-on-year, with a gross margin of 28.36% [1] - The company’s revenue projections for 2024-2026 are adjusted to 3.518 billion, 3.983 billion, and 4.535 billion yuan respectively, with net profits of 633 million, 723 million, and 883 million yuan [2] - The diluted EPS for 2024-2026 is forecasted at 1.21, 1.38, and 1.69 yuan, with corresponding PE ratios of 16, 14, and 12 times [2] Market and Industry Analysis - The company is actively expanding its overseas market presence, with a focus on independent functional construction and establishing a subsidiary in Germany [1] - The domestic manufacturing PMI showed fluctuations, indicating varying levels of industry health, with a slight recovery in demand expected [1] R&D and Capacity Expansion - The company increased its R&D investment to 84 million yuan in H1 2024, a 25% year-on-year increase, with an R&D expense ratio of 4.98% [1] - The company is advancing its production capacity in South China and is working on a high-end CNC machine tool production base in Ningbo [1]