NHPM(SH:601882) Soochow Securities·2025-04-30 01:55Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company's revenue faced short-term pressure with a slight decline of 2.17% year-on-year, resulting in a net profit attributable to shareholders of 99 million yuan, down 24.17% year-on-year [2] - The company's gross margin decreased to 25.93%, a decline of 2.54 percentage points year-on-year, primarily due to changes in accounting standards and intense price competition in the machine tool industry [3] - The company is in a capacity expansion phase, with ongoing projects to enhance production capabilities and international market presence, which is expected to strengthen its leading position in the industry [4] - The profit forecast for 2025-2027 is maintained at 641 million, 760 million, and 896 million yuan respectively, with corresponding dynamic P/E ratios of 16, 13, and 11 times [4]