NHL(SH:600262) ZHESHANG SECURITIES·2025-05-15 07:45Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown impressive performance in its Q1 2025 results, with a significant increase in contract liabilities by 385.5% year-on-year [2] - The company is a leading player in the domestic mining vehicle market, holding over 80% market share, and is expected to benefit from trends towards smart, electric, and customized products [2][3] - The company is expanding its international presence, with overseas business accounting for 39.5% of revenue in 2023, indicating substantial growth potential in the global mining vehicle market [3] Financial Performance Summary - For 2024, the company reported revenue of 2.92 billion yuan, a year-on-year increase of 21.4%, and a net profit of 180 million yuan, up 26.3% [1] - In Q1 2025, the company achieved revenue of 880 million yuan, a 6.4% increase year-on-year, with a net profit of 60 million yuan, reflecting a 22.2% growth [1] - The company expects net profits to grow to 220 million yuan, 270 million yuan, and 320 million yuan in 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16, 13, and 11 [4] Market Position and Outlook - The domestic mining vehicle market is projected to be worth 1.5 billion yuan, with the company positioned as the market leader [2] - The global mining vehicle market is valued at approximately 3.5 billion USD, presenting significant opportunities for the company to increase its market share [3] - The company is well-positioned to capitalize on the ongoing trends in the mining vehicle sector, including the shift towards larger, more efficient vehicles and enhanced service offerings [3]