Himile Science And Technology(SZ:002595) Shenwan Hongyuan Securities·2025-10-26 05:10Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported Q3 2025 revenue of 28.11 billion yuan, a year-on-year increase of 26.21%, and a net profit of 5.92 billion yuan, up 29.49% year-on-year, exceeding market expectations [5][9] - The tire mold sector benefits from the growing global automotive ownership and the increasing penetration of new energy vehicles, providing stable demand for the tire industry and consequently the tire mold industry [9] - The CNC machine tool business saw significant growth, with revenue of 5.06 billion yuan in the first half of the year, a year-on-year increase of 145.08% [9] - The company has launched a new employee stock ownership plan to enhance employee motivation, with participation expected from up to 2,100 employees at a price of 30 yuan per share [9] - The profit forecast for 2025-2027 has been raised, with expected net profits of 24.50 billion, 28.28 billion, and 31.99 billion yuan respectively, corresponding to PE ratios of 19X, 16X, and 15X [9] Financial Data and Earnings Forecast - For Q1-3 2025, the company achieved total revenue of 80.76 billion yuan, a year-on-year increase of 26.89%, and a net profit of 17.88 billion yuan, up 26.21% year-on-year [5][7] - The projected total revenue for 2025 is 111.09 billion yuan, with a year-on-year growth rate of 26.0% [7] - The expected earnings per share for 2025 is 3.06 yuan, with a projected gross margin of 34.6% [7]