Himile Science And Technology(SZ:002595) CAITONG SECURITIES·2025-10-28 00:20Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 8.076 billion yuan for the third quarter of 2025, representing a year-on-year increase of 26.89%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% year-on-year [7] - The company's business resilience is strong, with the profit growth rate exceeding revenue growth, indicating effective cost control and order structure optimization [7] - The three main business drivers are tire molds, large components, and machine tools, which complement each other and are expected to continue driving growth [7] - The company is projected to achieve revenues of 11.113 billion yuan, 12.688 billion yuan, and 14.407 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.465 billion yuan, 2.836 billion yuan, and 3.266 billion yuan for the same years [7] Financial Performance Summary - For 2023, the company achieved a revenue of 7.166 billion yuan, with a growth rate of 7.9%. The net profit was 1.612 billion yuan, reflecting a growth rate of 34.3% [6] - The projected earnings per share (EPS) for 2025 is 3.08 yuan, with a price-to-earnings (PE) ratio of 18.8 [6] - The return on equity (ROE) is expected to be 21.3% in 2025, indicating strong profitability [6] Business Segment Insights - The tire mold business benefits from the increasing global vehicle ownership and the demand for regular tire replacements [7] - The large components segment is driven by the demand from gas turbines and wind power, benefiting from the company's expertise in casting and machining [7] - The CNC machine tool segment has significant growth potential, with products achieving domestic leading performance [7]