NHPM(SH:601882) KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - Investment Rating: Buy (Maintain) [6] Core Views - The company's profitability is steadily improving, with a continuous increase in R&D investment [2] - The company has a strong technical foundation in the CNC machine tool sector, with an expanding product matrix. In 2023, it launched the BFH2030D dual five-axis high-speed milling center, catering to the high-speed processing needs of the new energy vehicle industry. Additionally, the CFVⅡ series high-speed vertical machining center has been introduced, which is expected to benefit from the trend of domestic substitution [3][19] - The company is actively developing cost-effective models tailored to overseas market demands and has established subsidiaries in Thailand, Vietnam, India, and Singapore to accelerate its global marketing layout [3][19] - The company achieved a gross margin of 29.9% in 2023, an increase of 2.63 percentage points year-on-year, and a net margin of 18.3%, up 1.95 percentage points year-on-year. The fourth quarter gross margin was 31.1%, with a slight year-on-year decline of 0.89 percentage points [8] - The company reported a revenue of 3.323 billion yuan in 2023, a year-on-year increase of 4.6%, and a net profit attributable to the parent company of 609 million yuan, up 17.1% year-on-year. The overseas revenue reached 594 million yuan, a significant increase of 76.06% year-on-year [18] Financial Summary - Revenue (million yuan): 2022A: 3,177; 2023A: 3,323; 2024E: 3,991; 2025E: 4,741; 2026E: 5,551 [4] - Net Profit (million yuan): 2022A: 521; 2023A: 609; 2024E: 732; 2025E: 864; 2026E: 1,017 [4] - Gross Margin (%): 2022A: 27.3; 2023A: 29.9; 2024E: 30.3; 2025E: 30.3; 2026E: 30.3 [4] - Net Margin (%): 2022A: 16.4; 2023A: 18.3; 2024E: 18.3; 2025E: 18.2; 2026E: 18.3 [4] - ROE (%): 2022A: 26.2; 2023A: 26.4; 2024E: 24.0; 2025E: 22.8; 2026E: 21.8 [4] - EPS (diluted): 2022A: 1.00; 2023A: 1.17; 2024E: 1.40; 2025E: 1.66; 2026E: 1.95 [4]