NHPM(SH:601882) Orient Securities·2026-03-03 07:30Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The report highlights the investment value of the leading machine tool company, Haitan Precision, under the backdrop of self-controllable manufacturing [5] - The company is expected to further increase its market share as a leading enterprise in the industry, despite a downward adjustment in forecasts due to market demand pressure in the first half of 2025 [6] - The target price for the company is set at 33.0 yuan, based on a 30 times average price-to-earnings ratio of comparable companies for 2026 [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 3,323 million yuan - 2024: 3,352 million yuan (growth of 0.9%) - 2025: 3,418 million yuan (growth of 2.0%) - 2026: 3,697 million yuan (growth of 8.2%) - 2027: 4,140 million yuan (growth of 12.0%) [8] - Net profit attributable to the parent company is projected as: - 2023: 609 million yuan - 2024: 523 million yuan (decline of 14.2%) - 2025: 501 million yuan (decline of 4.1%) - 2026: 572 million yuan (growth of 14.0%) - 2027: 671 million yuan (growth of 17.4%) [8] - Earnings per share (EPS) estimates are: - 2023: 1.17 yuan - 2024: 1.00 yuan - 2025: 0.96 yuan - 2026: 1.10 yuan - 2027: 1.29 yuan [8] Market Context - The report notes that China's dependence on imported high-end machine tools remains significant, with imports expected to reach 5.9 billion USD in 2025, accounting for 22% of the total consumption in the metal processing machine tool industry [10] - The company is enhancing its capabilities in high-end products and has developed a range of advanced machinery, indicating a potential for market share expansion [10]