Core Insights - The company reported a revenue of 5.426 billion in 2024, representing a year-on-year increase of 17.52%, with a net profit attributable to shareholders of 88 million, up 118.53% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.535 billion, with a quarter-on-quarter decrease of 6.14% but a year-on-year increase of 6.20% [1] - The company has established a global production layout to enhance supply chain resilience, with manufacturing bases in China, Vietnam, and the USA [2] Financial Performance - The net profit attributable to shareholders for Q1 2025 was 178 million, showing a quarter-on-quarter increase of 36.93% and a year-on-year increase of 126.27% [1] - The non-recurring net profit attributable to shareholders for Q1 2025 was 198 million, with a quarter-on-quarter increase of 49.90% and a year-on-year increase of 392.26% [1] - The gross profit margin for Q1 2025 was 35.11%, reflecting a quarter-on-quarter increase of 4.82 percentage points and a year-on-year increase of 6.30 percentage points [1] Global Strategy - The company has built a global capacity coordination network to achieve flexible supply chain configuration [2] - A professional policy research team has been established to monitor international trade policy trends [2] - The company is increasing R&D investment to enhance global competitiveness through product innovation [2] Product Development - The commercial lithium battery outdoor power equipment (OPE) segment is rapidly developing, with significant sales growth in riding lawnmowers [2] - Sales of the Optimus Z 82V zero-turn lawn mower increased from 139 million in 2022 to 366 million in 2024, indicating a strong market outlook [2] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 301 million, 415 million, and 525 million from 2025 to 2027, representing year-on-year growth of 242.0%, 38.0%, and 26.5% respectively [3] - Corresponding EPS for the same period is projected to be 0.61, 0.85, and 1.07 [3]

2024年，耐普矿机充分发挥自身优势，全年新增客户38家。海外市场订单不断取得突破，其中非洲区域 增长125%，亚太中东区域增长77%，拉美区域增长58%(不含美伊电钢)。中标西藏某矿山750M渣浆泵 项目，填补了该型号整机国内空白，进一步巩固了公司于超大型渣浆泵方面在国内市场的领先地位。未 来，公司将持续以创新驱动为核心，在稳固现有市场份额的前提下，积极开拓更多市场领域。 报告期内，公司倾力研发打造的新型锻造复合衬板成功在西藏某大型矿山半自磨机全套装机使用，是公 司的里程碑事件。耐普矿机表示，未来，公司将打造以锻造复合衬板产品为龙头，带动其他设备及备件 的发展，为客户提供集成化服务。760NZJM过流件试制成功，并在南美市场成功试用，打破了国际巨 头长期在该口径重型渣浆泵的垄断地位。 谈及未来三年的业务发展目标时，耐普矿机表示，公司产品已销售全球多个国家，为更好实施公司的国 际化战略，服务公司客户，公司将积极进行全球化生产布局。未来公司将重点开拓拉美市场、中亚市场 和非洲市场，在智利、秘鲁、赞比亚、刚果金等国家增加销售份额。提升公司在国际选矿设备市场的知 名度、产品销量和市场占有率，实现国际市场销售收入占公 ...