Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve steady growth in roller press equipment in 2024, with continued growth anticipated in 2025 [1] - The revenue for 2024 is projected to be 1,053.51 million yuan, representing a year-on-year increase of 11.42% [1] - The net profit attributable to shareholders for 2024 is forecasted at 161.84 million yuan, reflecting a year-on-year growth of 30.69% [1] - The company has made significant advancements in research and development, including the establishment of a national-level postdoctoral research station and recognition for its technological innovation centers [8] Financial Projections - Total revenue projections for the company are as follows: - 2023A: 945.51 million yuan - 2024A: 1,053.51 million yuan - 2025E: 1,158.85 million yuan - 2026E: 1,491.58 million yuan - 2027E: 1,922.64 million yuan - Year-on-year growth rates for total revenue are projected at: - 2024: 11.42% - 2025: 10.00% - 2026: 28.71% - 2027: 28.90% [1][9] - Net profit attributable to shareholders is projected as follows: - 2023A: 123.83 million yuan - 2024A: 161.84 million yuan - 2025E: 179.76 million yuan - 2026E: 243.98 million yuan - 2027E: 322.55 million yuan - Year-on-year growth rates for net profit are projected at: - 2024: 30.69% - 2025: 11.07% - 2026: 35.73% - 2027: 32.20% [1][9] Valuation Metrics - The latest diluted EPS (Earnings Per Share) is projected as follows: - 2023A: 1.11 yuan - 2024A: 1.45 yuan - 2025E: 1.61 yuan - 2026E: 2.18 yuan - 2027E: 2.88 yuan - The corresponding P/E (Price to Earnings) ratios are: - 2024: 36.47 - 2025: 32.84 - 2026: 24.19 - 2027: 18.30 [1][9]
纳科诺尔（832522）：2024年报、2025一季报点评：2024年辊压设备稳健增长，2025年有望持续稳增