NHD(002946) 东方证券·2025-02-20 12:22Investment Rating - The report maintains a "Buy" rating for the company [4][6][10] Core Views - The company is expected to enhance shareholder returns with the implementation of its first interim dividend plan, distributing a cash dividend of 0.35 yuan per 10 shares [9] - The product structure is rapidly improving, leading to better profitability, with significant growth expected in high-end products [9] - The company is committed to executing its five-year plan, aiming to double its net profit margin by 2027, supported by product upgrades and cost control measures [9] Financial Forecast and Investment Recommendations - Earnings per share are projected to be 0.66, 0.78, and 0.97 yuan for 2024, 2025, and 2026 respectively, with a target price of 17.16 yuan based on a 22x P/E ratio for 2025 [4][10] - Revenue is forecasted to grow from 10,006 million yuan in 2022 to 12,507 million yuan in 2026, with a compound annual growth rate of approximately 5.6% [7][15] - Operating profit is expected to increase significantly, from 403 million yuan in 2022 to 1,029 million yuan in 2026, reflecting a strong growth trajectory [7][15] Key Financial Metrics - The company’s gross margin is projected to improve from 24.0% in 2022 to 29.5% in 2026, indicating enhanced operational efficiency [7][15] - The net profit margin is expected to rise from 3.6% in 2022 to 6.7% in 2026, showcasing improved profitability [7][15] - The return on equity (ROE) is anticipated to increase from 14.0% in 2022 to 18.6% in 2026, reflecting better capital utilization [7][15]