Himile Science And Technology(002595) 东吴证券·2024-10-28 19:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance is generally in line with expectations, with Q3 2024 single-quarter revenue increasing by 26% year-on-year [2] - For the first three quarters of 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 1.417 billion yuan, up 21.23% year-on-year [2] - The growth in revenue is primarily driven by successful market expansion in three major business segments: tire molds, large components, and CNC machine tools [2] - The company's gross margin for the first three quarters of 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, while the gross margin for Q3 2024 was 34.43%, a decrease of 1.68 percentage points year-on-year [3] - The company is expanding its overseas market for tire molds and has opened a new growth curve in the CNC machine tool business [4] Financial Performance Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 2.001 billion yuan, 2.256 billion yuan, and 2.524 billion yuan respectively, with corresponding dynamic P/E ratios of 19, 17, and 15 times [4] - The total revenue for 2024 is projected to be 8.509 billion yuan, reflecting an 18.75% year-on-year growth [4] - The report indicates that the company's net profit margin for Q3 2024 was 20.52%, down 1.79 percentage points year-on-year, primarily due to increased management and R&D expenses [3]