NAIPU MINING(SZ:300818) Guohai Securities·2025-08-05 01:03Group 1: Company Insights - The report indicates that the performance bottom is showing for Nepean Mining Machinery, with a forecasted net profit of 15 million to 22.5 million yuan for H1 2025, representing a decline of 73% to 82% year-on-year [3][4] - Several unconventional factors are impacting the company's performance, including the absence of EPC project revenue in H1 2025, which was 200 million yuan in H1 2024, leading to a significant drop in net profit [3][4] - The company has a strong order backlog of 487 million yuan as of June 30, 2025, which is a 39.26% increase from the end of 2024, indicating a positive growth trend [4][5] Group 2: Industry Trends - The heavy truck market saw a year-on-year sales increase of approximately 42% in July 2025, with wholesale sales reaching about 83,000 units [13] - The launch of new electric vehicles, such as the Li Auto i8 and the NIO L90, is expected to stimulate market interest and sales in the automotive sector [14][15] - The report highlights a shift in the pig farming policy towards regulation, suggesting a long-term revaluation opportunity for the sector, with top pig farming companies likely to benefit [20] Group 3: Investment Opportunities - The Alacran copper-silver mine project is projected to significantly enhance the company's growth potential, with an estimated annual processing capacity of 6.1 million tons and expected production of 23,800 tons of copper, 38,600 ounces of gold, and 370,000 ounces of silver [6] - The project has a net present value (NPV) of 360 million USD and an internal rate of return (IRR) of 23.8%, with a payback period of approximately 3 years [6] - The report recommends investment in leading companies in the automotive sector, particularly those positioned for high-end market growth, such as Li Auto, Geely, and BYD [17]