Himile Science And Technology(SZ:002595) ZHONGTAI SECURITIES·2024-11-11 05:41Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company has shown steady growth in Q3 2024, with significant increases in tire mold and machine tool businesses [1] - The revenue for the first three quarters of 2024 reached 6.365 billion, representing a year-on-year growth of 20.05% [1] - The net profit attributable to the parent company increased by 18.33% year-on-year, reaching 1.417 billion [1] - The company is positioned as a leader in the tire mold industry, with three growth curves expected to continue driving stable performance [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 6,642 million - 2023A: 7,166 million - 2024E: 8,272 million (15% growth) - 2025E: 9,358 million (13% growth) - 2026E: 10,489 million (12% growth) [1][2] - Net Profit Forecasts: - 2022A: 1,200 million - 2023A: 1,612 million - 2024E: 1,898 million (18% growth) - 2025E: 2,222 million (17% growth) - 2026E: 2,491 million (12% growth) [1][2] - Earnings Per Share (EPS): - 2022A: 1.50 - 2023A: 2.02 - 2024E: 2.37 - 2025E: 2.78 - 2026E: 3.11 [1][2] - Valuation Ratios: - P/E: - 2022A: 30.2 - 2023A: 22.5 - 2024E: 19.1 - 2025E: 16.3 - 2026E: 14.6 [1] - P/B: - 2022A: 4.9 - 2023A: 4.2 - 2024E: 3.5 - 2025E: 2.9 - 2026E: 2.5 [1] Business Growth Drivers - The tire mold business has shown strong domestic sales performance and stable growth in exports [1] - The demand for gas turbines continues to improve, and wind power business orders are recovering [1] - The company is promoting its series of vertical five-axis machining centers and precision machining centers across various regions [1]