NHPM(601882) 国金证券·2024-10-31 00:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a recovery in profitability due to industry improvement and the company's leading position in the market [3][9]. Core Insights - The company's revenue for the first three quarters of 2024 was 2.493 billion RMB, a year-on-year decrease of 0.57%, while the net profit attributable to shareholders was 404 million RMB, down 12.89% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 814 million RMB, a year-on-year increase of 0.26%, but a quarter-on-quarter decrease of 11.75%. The net profit for the same period was 110 million RMB, reflecting a year-on-year decrease of 22.47% and a quarter-on-quarter decrease of 32.42% [2]. - The machine tool industry remains under pressure, with a 3.5% decline in revenue and a 9.9% drop in total profit for key enterprises in the sector from January to August 2024. However, new orders for metal processing machine tools increased by 3.5% [2]. - The company's gross margin in Q3 2024 was 27.33%, down 3.72 percentage points year-on-year, and the net margin was 13.54%, down 3.97 percentage points year-on-year. The management expense ratio increased to 1.58%, while the sales expense ratio decreased to 4.84% [2]. - The company is enhancing its product capabilities through increased R&D investment, focusing on high-performance products for key industries, and accelerating the development and application of core functional components [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company reported a revenue of 2.493 billion RMB and a net profit of 404 million RMB, with Q3 showing a revenue of 814 million RMB and a net profit of 110 million RMB [2]. - The overall performance reflects the challenges faced in the machine tool industry, which is currently experiencing a downturn [2]. Industry Analysis - The machine tool industry is under pressure, with key enterprises reporting a 3.5% decline in revenue and a 9.9% drop in profit from January to August 2024. However, there is a slight increase in new orders, indicating potential recovery [2]. Profitability and Cost Management - The company's gross margin and net margin have decreased, but the management maintains a good control over expenses, with the management expense ratio increasing slightly and the sales expense ratio decreasing [2]. Product Development - The company is focusing on enhancing its product offerings through increased R&D investments, aiming to develop high-performance products and accelerate the application of core components [2].