NHPM(601882) Soochow Securities·2024-10-31 16:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a slight decline in revenue in the first three quarters of 2024, with a year-on-year decrease of 0.57%, primarily due to slow recovery in machine tool demand and increased market price competition affecting profit levels [2][3] - The gross margin has slightly decreased, with a gross margin of 28.03% for the first three quarters of 2024, down 1.53 percentage points year-on-year, attributed to weak demand in the machine tool industry and intensified price competition [3] - The company is increasing its R&D investment during the industry's low point, demonstrating confidence in long-term growth and maintaining its leading product advantages [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.493 billion yuan and a net profit attributable to shareholders of 404 million yuan, reflecting a year-on-year decrease of 12.89% [2] - The company's net profit margin for the first three quarters was 16.20%, down 2.29 percentage points year-on-year, with a significant drop in the net profit margin in Q3 to 13.54% [3] - The report projects a downward adjustment in net profit forecasts for 2024-2026, with expected net profits of 5.45 billion yuan for 2024, 6.93 billion yuan for 2025, and 8.18 billion yuan for 2026 [4] Market Position and Strategy - The company is leveraging its multi-product advantages to expand into the new energy sector, with its leading products in the domestic market [4] - The company has a strong internal circulation advantage, with significant growth in overseas revenue, achieving a CAGR of 62.3% from 2017 to 2023 [4] - The company is in the process of ramping up production capacity at its South China base, with expectations to add over 500 units per month once fully operational [4]