Himile Science And Technology(002595) 华鑫证券·2024-11-01 01:13Investment Rating - Buy (Maintained) [1] Core Views - The company's international layout is becoming more complete, with revenue and profits maintaining growth [1] - The tire mold industry is experiencing strong demand, benefiting the company's products [1] - The company's overseas business performance is outstanding, with overseas revenue reaching 1.826 billion yuan in H1 2024, a year-on-year increase of 13.20% [1] - The company continues to increase R&D investment, with R&D expenses reaching 329 million yuan in Q1-Q3 2024, a year-on-year increase of 29.27% [2] - The company's overall sales gross margin in Q1-Q3 2024 was 34.94%, a year-on-year increase of 0.92 percentage points, and the net profit margin was 22.29%, a year-on-year increase of 0.26 percentage points [2] Financial Performance - In Q1-Q3 2024, the company achieved revenue of 6.365 billion yuan, a year-on-year increase of 20.05%, and net profit attributable to the parent company of 1.417 billion yuan, a year-on-year increase of 21.23% [1] - In Q3 2024, the company achieved revenue of 2.227 billion yuan, a year-on-year increase of 26.24%, and net profit attributable to the parent company of 457 million yuan, a year-on-year increase of 15.93% [1] - The company's revenue is expected to be 8.330 billion yuan, 9.498 billion yuan, and 10.612 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 2.39 yuan, 2.70 yuan, and 3.07 yuan [3] Industry Analysis - The tire mold industry is benefiting from the rapid development of the tire and new energy vehicle industries [1] - The demand for tire molds is closely related to the production scale of tires and is also influenced by the speed of updates in tire specifications and patterns [1] - The company has mastered three mold processing technologies: EDM, engraving, and precision casting aluminum, and has applied new processes such as laser engraving and 3D printing in mold manufacturing [1] International Expansion - The company has established subsidiaries in the United States, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, forming a comprehensive global production and service system [1] - The overseas business gross margin in H1 2024 was 42.93%, an increase of 0.34 percentage points compared to the same period in 2023, and 16.11 percentage points higher than the domestic gross margin [1] R&D and Innovation - The company has obtained more than 290 invention patents and has launched new technologies and products such as high-efficiency energy-saving molds, electric heating vulcanizers, and electric heating molds [2] - The company's R&D investment in Q1-Q3 2024 accounted for 5.17% of its revenue [2] Profitability and Growth - The company's gross margin in Q1-Q3 2024 was 34.94%, and the net profit margin was 22.29% [2] - The company's revenue growth rate is expected to be 16.3%, 14.0%, and 11.7% in 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to grow by 18.8%, 12.9%, and 13.7% in 2024, 2025, and 2026, respectively [5]