Himile Science And Technology(002595) 申万宏源证券·2025-03-19 03:16Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-over-year growth of 22.99%, and a net profit of 2.011 billion yuan, up 24.77% year-over-year. The Q4 revenue was 2.448 billion yuan, showing a year-over-year increase of 31.35% and a quarter-over-quarter increase of 9.91% [5][7] - The report highlights the company's strong performance in the tire mold business, which generated 4.651 billion yuan in revenue, a year-over-year increase of 22.73%, despite a slight decline in gross margin due to increased domestic sales and rising personnel costs [7] - The large component business achieved revenue of 3.332 billion yuan, up 20.31% year-over-year, driven by growth in gas turbine and wind power sectors, with a gross margin increase attributed to improved production efficiency and lower raw material costs [7] - The machine tool business saw a revenue increase of 29.30% year-over-year, with new product launches contributing to significant growth [7] - The earnings forecast for 2025-2027 has been raised, with expected net profits of 2.333 billion yuan in 2025, 2.694 billion yuan in 2026, and 3.064 billion yuan in 2027, reflecting the company's strong market position and growth potential [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 7.166 billion yuan, 2024: 8.813 billion yuan, 2025E: 10.109 billion yuan, 2026E: 11.378 billion yuan, 2027E: 12.655 billion yuan [7][8] - Net profit projections are: 2023: 1.612 billion yuan, 2024: 2.011 billion yuan, 2025E: 2.333 billion yuan, 2026E: 2.694 billion yuan, 2027E: 3.064 billion yuan [8] - The company maintains a healthy financial position with a debt-to-asset ratio of 15.34% and a price-to-earnings ratio forecasted to decrease from 27 in 2023 to 14 in 2027 [2][7]