NHPM(SH:601882) Soochow Securities·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of 5% to 15% over the next six months [17][26]. Core Insights - The company achieved a revenue of 3.32 billion yuan in 2023, representing a year-on-year growth of 4.6%, and a net profit attributable to shareholders of 609.48 million yuan, up 17.1% year-on-year [2][11][27]. - The sales gross margin for 2023 was 29.9%, an increase of 2.6 percentage points year-on-year, driven by a higher proportion of overseas business [2][28]. - The company has adjusted its operational strategies to enhance domestic and international market development, resulting in stable growth despite a slowdown in the overall machine tool industry [2][10]. Financial Performance Summary - Total revenue (in million yuan): - 2022: 3,177 - 2023: 3,323 (4.59% YoY) - 2024E: 3,915 (17.80% YoY) - 2025E: 4,511 (15.22% YoY) - 2026E: 5,202 (15.31% YoY) [1] - Net profit attributable to shareholders (in million yuan): - 2022: 520.65 - 2023: 609.48 (17.06% YoY) - 2024E: 700.51 (14.93% YoY) - 2025E: 847.39 (20.97% YoY) - 2026E: 1,012.57 (19.49% YoY) [1] - Earnings per share (EPS): - 2022: 1.00 - 2023: 1.17 - 2024E: 1.34 - 2025E: 1.62 - 2026E: 1.94 [1] Market and Operational Insights - The company has seen a significant increase in overseas revenue, which accounted for 17.87% of total revenue in 2023, growing by 76.1% year-on-year [2][10]. - The company is expanding its product offerings in the new energy sector, leveraging its leading position in gantry machine tools [16]. - The company is expected to enhance its production capacity significantly with the completion of its high-end CNC machine tool intelligent production base, projected to add over 500 units per month [16].