Himile Science And Technology(SZ:002595) Xiangcai Securities·2024-10-21 10:12Investment Rating - The report initiates coverage on the company with a "Buy" rating, indicating an expected investment return that exceeds the market benchmark by 5% to 15% over the next 6 to 12 months [9]. Core Insights - The company, Haomai Technology, is a global leader in the tire mold industry, with a history dating back to 1995. It has consistently innovated and expanded its product offerings, including tire molds, large component products, and machine tools [5][6]. - The company's revenue has shown a consistent growth trajectory, with a compound annual growth rate (CAGR) of 23.4% from 2012 to 2023, increasing from 710 million yuan to 7.17 billion yuan. Net profit has also grown at a CAGR of 21.0% during the same period [6][9]. - The tire mold segment remains the largest revenue contributor, accounting for 52.9% of total revenue in 2023, while the large component products segment has seen rapid growth, with a CAGR of 38.2% from 2014 to 2023 [7][9]. - The machine tool business has experienced explosive growth since its external sales began in 2022, with revenue increasing by 111.8% in 2023 [7][30]. Financial Forecast - The company is projected to achieve revenues of 8.16 billion yuan, 9.05 billion yuan, and 9.97 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 13.9%, 10.9%, and 10.1% [9][30]. - The forecasted net profit for the same years is expected to be 1.84 billion yuan, 2.07 billion yuan, and 2.31 billion yuan, with growth rates of 14.2%, 12.4%, and 11.7% [9][30]. - The company's price-to-earnings (P/E) ratios are projected to be 21.9, 19.5, and 17.5 for the years 2024, 2025, and 2026, respectively [9][30].