NHPM(601882) 华鑫证券·2025-03-12 05:23Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [3][8]. Core Insights - The manufacturing industry in China is experiencing a recovery, with the PMI rising to 50.1% in October 2024, indicating expansion after a contraction period [3]. - The company is expected to benefit from the recovery in the machine tool industry, supported by government policies and market demand [3]. - The company has significantly increased its R&D investment, reaching 125 million yuan in the first three quarters of 2024, a 27.1% year-on-year increase, enhancing its competitive edge in high-end CNC machine tools [4]. - The company has shown strong overseas revenue growth, with a CAGR of 62.3% from 2017 to 2023, and achieved 590 million yuan in overseas revenue in 2023, a 76.06% increase [5]. Summary by Sections Industry Outlook - The machine tool industry is projected to recover, with a notable increase in new orders and backlogs for metal cutting machine tools, indicating structural differentiation within the industry [3]. R&D and Capacity Expansion - The company is focusing on enhancing its product range and developing high-performance products to replace imports, which solidifies its market position [4]. - The company is optimizing its production capacity with a focus on establishing manufacturing bases in Ningbo, Dalian, and Southern China, while also planning overseas production capabilities [4]. Global Expansion - The company has successfully established subsidiaries in Singapore and Thailand, and is expanding into Germany, indicating a robust global strategy [5][7]. - The ongoing global capacity layout is expected to provide greater growth opportunities in international markets [7]. Financial Projections - Revenue forecasts for 2024-2026 are 34.26 billion yuan, 39.17 billion yuan, and 44.95 billion yuan respectively, with corresponding EPS of 1.03 yuan, 1.19 yuan, and 1.40 yuan [8][10]. - The current stock price corresponds to a PE ratio of 23.5, 20.3, and 17.2 for the years 2024, 2025, and 2026 respectively, reflecting a favorable valuation [8].