Himile Science And Technology(002595) 东吴证券·2025-03-19 08:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with revenue growth of 22.99% year-on-year, reaching 88.13 billion yuan, and net profit attributable to shareholders of 20.11 billion yuan, up 24.77% year-on-year [2] - All three major business segments (tire molds, large component machinery, and CNC machine tools) have shown significant growth, contributing to the overall revenue increase [2] - The company has expanded its international production capacity, with new factories in Thailand and Mexico, enhancing its global service capabilities [4] - The CNC machine tool segment is expected to open a third growth curve with new product launches and investments in a machine tool laboratory [4] - Profitability has slightly improved, with a net profit margin of 22.85%, despite a small decline in gross margin to 34.30% [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 88.13 billion yuan, a year-on-year increase of 22.99%, and a net profit of 20.11 billion yuan, up 24.77% [2] - The revenue from the tire mold business was 46.51 billion yuan, up 22.73%, while large component machinery generated 33.32 billion yuan, up 20.31%, and CNC machine tools reached 3.99 billion yuan, up 29.30% [2] - For Q4 2024, the company reported revenue of 24.48 billion yuan, a 31.35% increase year-on-year, and a net profit of 5.94 billion yuan, up 34.10% [2] Profitability and Cost Management - The gross margin for 2024 was 34.30%, a slight decrease of 0.35 percentage points year-on-year, while the net profit margin improved by 0.36 percentage points [3] - The increase in management and R&D expenses was noted, attributed to a rise in personnel and salary costs, as well as increased investment in R&D [3] Business Expansion and Growth Drivers - The tire mold business is expanding internationally, with new factories enhancing service capabilities [4] - The large component machinery segment benefits from a growing gas turbine market and recovering wind power orders [4] - The CNC machine tool segment is focusing on high-precision products and has plans for a new laboratory to support product development [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised for 2025 and 2026 to 23.35 billion yuan and 27.63 billion yuan, respectively, with an expected net profit of 31.90 billion yuan in 2027 [4] - The current stock price corresponds to dynamic P/E ratios of 18, 15, and 13 for the years 2025, 2026, and 2027, respectively [4]