Himile Science And Technology(002595) 财通证券·2024-11-03 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with revenue growth driven by the tire industry expansion and a strong engine market [4] - The company's machine tool business is expected to grow rapidly due to its long-standing casting and machining technology, as well as strong customer loyalty [4][5] - The projected revenue for 2024-2026 is 84.95 billion, 95.21 billion, and 106.92 billion yuan respectively, with corresponding net profits of 19.47 billion, 22.05 billion, and 24.85 billion yuan [5] Financial Summary - Revenue (in million yuan): - 2022A: 6642 - 2023A: 7166 - 2024E: 8495 - 2025E: 9521 - 2026E: 10692 - Revenue growth rate (%): - 2022A: 10.55 - 2023A: 7.88 - 2024E: 18.54 - 2025E: 12.08 - 2026E: 12.30 - Net profit (in million yuan): - 2022A: 1200 - 2023A: 1612 - 2024E: 1947 - 2025E: 2205 - 2026E: 2485 - Net profit growth rate (%): - 2022A: 13.95 - 2023A: 34.33 - 2024E: 20.81 - 2025E: 13.23 - 2026E: 12.68 - EPS (yuan): - 2022A: 1.51 - 2023A: 2.03 - 2024E: 2.43 - 2025E: 2.76 - 2026E: 3.11 - PE: - 2022A: 15.38 - 2023A: 14.66 - 2024E: 19.36 - 2025E: 17.10 - 2026E: 15.17 - ROE (%): - 2022A: 16.36 - 2023A: 18.72 - 2024E: 19.03 - 2025E: 18.73 - 2026E: 18.39 - PB: - 2022A: 2.52 - 2023A: 2.77 - 2024E: 3.68 - 2025E: 3.20 - 2026E: 2.79 [2][4][5]