NHPM(SH:601882)2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company has accelerated its expansion into overseas markets, leading to improved profitability. In 2023, the company achieved a revenue of 3.323 billion yuan, a year-on-year increase of 4.59%, and a net profit attributable to shareholders of 609 million yuan, up 17.06% year-on-year [4]. - The company has shown better performance than the industry, with a quarter-on-quarter improvement in Q4. Despite a weakened industry demand in 2023, the company continued to advance product development and expand its model range, particularly targeting the high-speed processing needs of the new energy vehicle sector [4]. - The company’s gross profit margin and net profit margin for 2023 were 29.94% and 18.34%, respectively, reflecting an increase of 2.63 percentage points and 1.95 percentage points year-on-year [4]. Financial Performance Summary - Revenue projections for 2024-2026 are as follows: 3.908 billion yuan in 2024, 4.632 billion yuan in 2025, and 5.255 billion yuan in 2026, with corresponding revenue growth rates of 17.58%, 18.55%, and 13.45% [7]. - The net profit attributable to shareholders is expected to reach 726 million yuan in 2024, 867 million yuan in 2025, and 1.013 billion yuan in 2026, with profit growth rates of 19.14%, 19.33%, and 16.88% respectively [7]. - The company’s earnings per share (EPS) are projected to be 1.39 yuan in 2024, 1.66 yuan in 2025, and 1.94 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 19 times, 16 times, and 14 times [7]. Market Position and Strategy - The company is positioned as a high-end product manufacturer, continuously enhancing its competitiveness. In 2023, the company’s domestic revenue was 2.671 billion yuan, a decrease of 4.17% year-on-year, while overseas revenue reached 594 million yuan, an increase of 76.06%, accounting for 17.87% of total revenue [4]. - The company has established subsidiaries in Singapore and Thailand and is building production bases in Ningbo, Dalian, and South China to deepen its overseas market layout [4]. - The machine tool industry is expected to benefit from domestic demand improvements driven by large-scale equipment updates and accelerated overseas expansion, with the company poised to be a key beneficiary [4].