NHPM(601882) Changjiang Securities·2024-11-12 14:54Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported a revenue of 2.493 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.57%, and a net profit attributable to shareholders of 404 million yuan, down 12.89% year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 814 million yuan, a slight increase of 0.26% year-on-year, while the net profit decreased by 22.47% year-on-year to 110 million yuan [4][5]. - The overall demand in the manufacturing sector remains weak, impacting the company's profitability, with a decline in gross margin and increased costs due to lower capacity utilization [5][6]. - The company is expected to benefit from structural opportunities such as policy support, self-sufficiency, and international expansion in the medium to long term [6][7]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.493 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 362 million yuan, reflecting year-on-year declines of 12.89% and 9.55% respectively [4][5]. - The gross margin decreased by 3.72 percentage points year-on-year, primarily due to weak demand and increased competition leading to lower product prices [5][6]. - The company is focusing on expanding its production capacity and enhancing its product advantages through increased R&D investment [6][7]. - The forecasted net profits for 2024, 2025, and 2026 are 556 million yuan, 663 million yuan, and 799 million yuan respectively, with corresponding price-to-earnings ratios of 20x, 17x, and 14x [7][12].