Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 45.24 CNY [5][11]. Core Insights - The company is expected to benefit from the global expansion of mining capital expenditures and the increasing demand for cost reduction and efficiency in mining operations. Its business in wear-resistant parts for mining equipment shows strong demand characteristics. With continuous breakthroughs in overseas markets and an improving global production layout, the company is poised to unlock long-term growth potential through deepening domestic substitution and expanding overseas markets [2][11]. Financial Summary - Total revenue is projected to grow from 938 million CNY in 2023 to 1,717 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 28.3% from 2026 to 2027 [4][12]. - Net profit attributable to the parent company is expected to fluctuate, with a forecast of 80 million CNY in 2023, peaking at 267 million CNY in 2027 [4][12]. - Earnings per share (EPS) are estimated to be 0.47 CNY in 2023, increasing to 1.58 CNY by 2027 [4][12]. Business Segments - The rubber wear-resistant products segment is anticipated to see revenue growth rates of approximately 13%, 35%, and 33% from 2025 to 2027, reflecting the company's competitive advantage in this area [13][14]. - The mining equipment and parts segment is expected to grow steadily, with revenue growth rates of about 3%, 15%, and 15% from 2025 to 2027, benefiting from the ongoing domestic substitution process [13][14]. - The metal parts segment is projected to maintain rapid growth, with expected growth rates of 12%, 33%, and 20% from 2025 to 2027 [13][14]. Valuation - The company is compared to leading firms in the mining equipment sector, with a target price based on a 45x price-to-earnings (PE) ratio for 2026, resulting in a target market value of 76.36 billion CNY [16][17].

公 司 研 究 请务必阅读正文之后的免责条款部分 股票研究/[Table_Date] 2026.03.18 受益矿业资本开支上行，全球化布局打开成长空间 耐普矿机(300818) 耐普矿机首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 丁嘉一(分析师) | 021-23187266 | dingjiayi@gtht.com | S0880525080009 | 本报告导读： 公司受益于全球矿业资本开支扩张与矿山降本增效需求提升，矿用耐磨备件业务具 备较强刚性需求特征。随着海外客户持续突破、全球化产能布局逐步完善，公司有 望在国产替代深化与海外市场拓展共振下打开中长期成长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | - ...