NAIPU MINING(300818) 光大证券·2025-04-07 02:38Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 1.12 billion yuan in 2024, representing a year-on-year growth of 19.6%. The net profit attributable to shareholders reached 120 million yuan, up 45.5% year-on-year, with a net profit margin of 10.4%, an increase of 1.8 percentage points [1][3]. - The company has shown strong overseas revenue growth, reaching 760 million yuan, a 46.1% increase year-on-year, with overseas revenue accounting for 67.6% of total revenue [3]. - The company is actively expanding its production bases overseas, with a factory in Zambia completed in October 2024 and ongoing construction in Chile and Peru, aiming to enhance its market presence in regions like Latin America and Africa [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.12 billion yuan, with a gross profit margin of 37.4%, up 0.9 percentage points from the previous year. The net profit margin was 10.4%, reflecting a solid increase [1][2]. - The fourth quarter of 2024 saw a revenue decline to 200 million yuan, a decrease of 30.3% year-on-year and 31.8% quarter-on-quarter, with a net loss of 4 million yuan [1]. Cost Management - The company has effectively controlled costs, with sales, management, and R&D expense ratios decreasing to 6.9%, 13.6%, and 3.5%, respectively [2]. - The core business of wear-resistant parts generated 760 million yuan in revenue, with a notable growth in metal parts, which saw a 53.7% increase in revenue [2]. Overseas Expansion - The company’s overseas revenue growth is significant, with orders from Africa increasing by 125%, and the Asia-Pacific and Middle East regions growing by 77% [3]. - The establishment of production bases in key mining regions is expected to bolster the company's international market development [3]. Profit Forecast and Valuation - The report adjusts the profit forecasts for 2025 and 2026, predicting net profits of 140 million yuan and 180 million yuan, respectively, while introducing a forecast for 2027 at 220 million yuan [3][5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.82 yuan, 1.04 yuan, and 1.28 yuan, respectively [5].