Himile Science And Technology(002595) 东吴证券·2025-03-19 09:16Investment Rating - The report maintains a "Buy" rating for the company [2][4] 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][4] - 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][4] - The company has expanded its international production capacity, with new factories in Thailand and Mexico, enhancing its global service capabilities [4] Revenue and Profitability - In 2024, the tire mold business generated revenue of 46.51 billion yuan, up 22.73% year-on-year; large component machinery products achieved 33.32 billion yuan, up 20.31%; and CNC machine tools reached 3.99 billion yuan, up 29.30% [2] - The gross profit margin for 2024 is 34.30%, a slight decrease of 0.35 percentage points year-on-year, while the net profit margin increased by 0.36 percentage points to 22.85% [3] - The company received 103 million yuan in government subsidies, which positively impacted the net profit margin [3] Financial Forecasts - The report projects revenue for 2025 to reach 104.04 billion yuan, with a net profit of 23.35 billion yuan, and for 2026, revenue is expected to be 122.92 billion yuan with a net profit of 27.63 billion yuan [4][11] - The estimated earnings per share (EPS) for 2024 is 2.51 yuan, with projections of 2.92 yuan for 2025 and 3.45 yuan for 2026 [4][11] Market Position and Growth Drivers - The company is benefiting from the growth in the global gas turbine market and the recovery of the wind power industry, which is expected to continue driving performance [4] - The CNC machine tool segment is developing a third growth curve with new five-axis products and a planned machine tool laboratory for technology development [4]