Himile Science And Technology(002595) 华安证券·2024-11-04 08:47Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with 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. The company continues to benefit from downstream market prosperity, maintaining rapid growth in both revenue and profit [1] - The company has a clear business layout in three areas: tire molds, large components, and CNC machine tools, with a positive outlook for market expansion in machine tool products [1][2] - The company is increasing its R&D investment, with R&D expenses reaching 329 million yuan in the first three quarters of 2024, a year-on-year increase of 29.3%, indicating a commitment to enhancing product offerings [1][2] Summary by Relevant Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.227 billion yuan, a year-on-year increase of 26.24%, and a net profit of 457 million yuan, up 15.93% year-on-year. The gross margin for Q1-Q3 2024 was 34.94%, an increase of 0.92 percentage points year-on-year, while the net margin was 22.29%, up 0.26 percentage points year-on-year [1] - The company’s revenue projections for 2024-2026 are adjusted to 8.277 billion yuan, 9.478 billion yuan, and 10.834 billion yuan, respectively, with net profits projected at 1.978 billion yuan, 2.280 billion yuan, and 2.626 billion yuan [2] Business Outlook - The tire mold business is a major revenue source, benefiting from the automotive industry's growth and market expansion. The company has established subsidiaries in various countries, enhancing its global production service system, with overseas capacity accounting for 10% of total mold capacity in 2023 [1][2] - The CNC machine tool business is identified as a key growth area, with significant R&D investment and a variety of products being developed. The company has received positive feedback from customers, enhancing its brand image and industry position [1][2]