NAIPU MINING(SZ:300818) Minsheng Securities·2024-10-25 05:02Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a revenue of 921 million yuan for the first three quarters of 2024, representing a year-on-year increase of 41.71%, with a net profit attributable to shareholders of 120 million yuan, up 48.78% year-on-year [1]. - The revenue from mining rubber wear-resistant parts grew rapidly, with a year-on-year increase of 34.88% to 510 million yuan for the first three quarters of 2024 [1]. - The company is expected to benefit from new product launches and overseas expansion, with factories already operational in Mongolia and Zambia, and a factory under construction in Chile [1]. Financial Performance - For Q3 2024, the company reported a revenue of 294 million yuan, a year-on-year increase of 17.77%, and a net profit of 36 million yuan, up 30.74% year-on-year [1]. - The gross profit margin for Q1-Q3 2024 was 37.36%, an increase of 2.61 percentage points year-on-year, while the net profit margin was 13.29%, up 0.61 percentage points year-on-year [1]. - The company’s operating expenses were well-controlled, with a sales expense ratio of 5.62%, a management expense ratio of 10.94%, and a research and development expense ratio of 2.74% for Q1-Q3 2024 [1]. Future Projections - The company is projected to achieve net profits of 150 million yuan, 205 million yuan, and 290 million yuan for the years 2024, 2025, and 2026, respectively [2]. - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 30, 22, and 16, respectively [2].