Himile Science And Technology(002595) 渤海证券·2024-09-25 08:20Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Insights - The company is a global leader in tire mold manufacturing, with a stable shareholding structure and a commitment to high dividends, reflecting long-term value [3][18]. - The tire mold market is estimated to exceed 10 billion, with the company holding a market share of approximately 33.97% in 2023, significantly outperforming competitors [4][29]. - The company is expanding its business into large components for wind power and gas turbines, with a focus on the growth of the gas turbine sector [5][32]. - The machine tool business is progressing steadily, with a notable increase in revenue from CNC machine tools [6]. Summary by Sections Company Overview - The company, originally established as Shandong Gaomi Haomai Machinery Co., Ltd. in 1995, has evolved into a global leader in tire molds, with a stable shareholding structure and a commitment to high dividends [14][18]. Industry Background - The tire mold industry has a market size exceeding 10 billion, with the company being a key player. The demand for tire molds is driven by the automotive industry, particularly the growing electric vehicle segment [22][26]. - The industry is characterized by high customer and technical barriers, with the company leveraging advanced manufacturing technologies to maintain its competitive edge [25]. Financial Analysis - The company has demonstrated strong financial performance, with projected revenues of 82.93 billion, 94.45 billion, and 107.36 billion for 2024-2026, respectively [7][9]. - The net profit attributable to the parent company is expected to reach 19.05 billion, 21.83 billion, and 24.87 billion during the same period [7]. Profit Forecast - The report forecasts a steady growth trajectory for the company, with an expected EPS of 2.38, 2.73, and 3.11 for 2024-2026 [7]. Valuation - The company is positioned in the mid-to-high-end market segment of the tire mold industry, with a strong focus on R&D and international expansion [29][31].