NAIPU MINING(SZ:300818) China Post Securities·2025-11-19 08:22Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [7][14]. Core Insights - The company reported a significant increase in new orders, with a total contract signing amount up by 32.21% year-on-year in the first three quarters of 2025, and a remarkable 80.42% increase in Q3 alone [5]. - The introduction of the new forged composite liner is expected to enhance operational efficiency, reduce energy consumption, and improve product lifespan, with successful trials already conducted in several mining plants [5]. - The company is expanding its global production capacity with ongoing construction of factories in Chile and Peru, which are projected to reach a global production capacity of 2.5 to 3 billion yuan upon completion [6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 714 million yuan, a decrease of 22.46% year-on-year, and a net profit of 62 million yuan, down 48.07% year-on-year [4]. - In Q3 2025, the company reported revenue of 301 million yuan and a net profit of 46 million yuan, representing increases of 2.18% and 26.31% year-on-year, respectively [5]. - Revenue projections for 2025-2027 are 1 billion, 1.26 billion, and 1.57 billion yuan, with corresponding net profits of 103 million, 161 million, and 240 million yuan [7][10]. Valuation Metrics - The estimated P/E ratios for 2025-2027 are 50.93, 32.64, and 21.98, indicating a decreasing trend in valuation as earnings are expected to grow [7][10]. - The company’s asset-liability ratio stands at 38.1%, reflecting a stable financial structure [3].