NAIPU MINING(SZ:300818) Southwest Securities·2024-10-25 10:01Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has achieved rapid revenue growth, with a reported revenue of 920 million yuan for Q1-Q3 2024, representing a year-on-year increase of 41.7%, and a net profit of 120 million yuan, up 48.8% year-on-year [1]. - The spare parts business is performing well, with overseas revenue reaching 630 million yuan, a significant increase of 99.6% year-on-year, while domestic revenue decreased by 12.9% [1]. - The company is expanding its international presence, with new production bases in Zambia and ongoing projects in Chile and Peru, which are expected to enhance its global operational capacity [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 290 million yuan, a year-on-year increase of 17.8%, and a net profit of 36.03 million yuan, up 30.7% [1]. - The gross margin for Q1-Q3 2024 was 37.4%, an increase of 2.6 percentage points year-on-year, while the net profit margin was 13.3%, up 0.6 percentage points [1][5]. Product Performance - The revenue from rubber wear-resistant spare parts was 510 million yuan, a year-on-year increase of 34.9%, with a gross margin of 44.0% [1]. - Metal spare parts revenue decreased by 8.2% year-on-year to 90 million yuan, while revenue from mineral processing equipment fell by 7.8% to 90 million yuan [1]. Future Projections - The company is projected to achieve net profits of 150 million yuan, 210 million yuan, and 270 million yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 50% [2][5]. - The expected earnings per share (EPS) for the next three years are 1.01 yuan, 1.35 yuan, and 1.77 yuan [2][5].