NHPM(SH:601882) Orient Securities·2026-03-03 05:37Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The report emphasizes the investment value of the leading machine tool company, Haitan Precision, under the backdrop of self-sufficiency in industrial mother machines. The company is expected to further increase its market share despite a challenging market environment in the first half of 2025. The overall outlook for the machine tool industry is anticipated to improve, supporting the company's growth trajectory [5][6] Financial Performance Summary - The company's revenue for 2023 is projected at 3,323 million yuan, with a year-on-year growth of 4.6%. For 2024, revenue is expected to slightly increase to 3,352 million yuan, reflecting a modest growth of 0.9%. The revenue forecast for 2025 is 3,418 million yuan, with a growth rate of 2.0%, and it is projected to rise to 3,697 million yuan in 2026, marking an 8.2% increase. By 2027, revenue is expected to reach 4,140 million yuan, indicating a 12.0% growth [8][12] - The operating profit for 2023 is estimated at 650 million yuan, with a significant year-on-year increase of 20.0%. However, a decline is expected in 2024, with operating profit projected at 561 million yuan, down 13.7%. The operating profit is forecasted to recover to 616 million yuan in 2026, with a growth of 14.5%, and further increase to 728 million yuan in 2027, reflecting an 18.2% growth [8][12] - The net profit attributable to the parent company for 2023 is expected to be 609 million yuan, with a year-on-year growth of 17.1%. A decline is anticipated in 2024, with net profit projected at 523 million yuan, down 14.2%. The net profit is expected to recover to 572 million yuan in 2026, with a growth of 14.0%, and reach 671 million yuan in 2027, indicating a 17.4% growth [8][12] - The earnings per share (EPS) for 2023 is projected at 1.17 yuan, decreasing to 1.00 yuan in 2024. The EPS is expected to be 0.96 yuan in 2025, 1.10 yuan in 2026, and 1.29 yuan in 2027 [8][12] Market Position and Competitive Landscape - The report highlights that Haitan Precision is a domestic leader in the machine tool industry, with an increasing advantage in high-end complete machines and components. The company has been actively developing high-end products and expanding its product line, which includes various advanced machining centers and components [10] - The report notes that China's reliance on imported high-end machine tools remains significant, with imports expected to account for 22% of the total consumption in the metal processing machine tool industry in 2025. This presents a substantial opportunity for domestic manufacturers like Haitan Precision to increase their market share as local manufacturing capabilities improve [10]