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 | | --- | --- | --- | --- | - ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the absence of EPC contracting business in the same period last year [1] Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 410 million yuan, a year-on-year decrease of 34% [1] - The net profit attributable to shareholders was 16.99 million yuan, down 80% year-on-year [1] - Revenue from various business segments included: rubber wear-resistant products (290 million yuan, -3%), mining metal spare parts (58.05 million yuan, -3%), mineral processing equipment and spare parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Group 2: Strategic Developments - The company made significant progress in its overseas strategy, deepening its presence in the "Belt and Road" market [1] - On June 30, 2025, the company announced the signing of two five-year supply contracts with a leading copper producer in Kazakhstan, which produced over 400,000 tons of copper in 2023 [1] - The company has been actively expanding its overseas market, with an average overseas revenue share of 57% over the past five years and a CAGR of 30% [1] Group 3: Industry Trends - The company is enhancing its upstream copper and silver mining development and strengthening industry chain collaboration by acquiring a 22.5% stake in Swiss Virdad Resources [2] - This acquisition will secure development rights for the Alacran copper and silver mine, injecting incremental demand into the traditional mineral processing equipment and spare parts business [2] - The market for wear-resistant spare parts is expected to see long-term growth due to rising copper production and declining copper grades [3] - The penetration rate of rubber wear-resistant spare parts is increasing, as they offer better wear resistance, longer lifespan, and lighter weight compared to metal parts [3] - The company is also expanding into the cylinder market, which presents significant growth opportunities [3] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 980 million yuan, 1.28 billion yuan, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively [4] - Net profit projections for the same period are 90 million yuan, 130 million yuan, and 190 million yuan, with year-on-year growth rates of -26%, 48%, and 48% respectively [4] - The company is expected to maintain a PE ratio of 52, 35, and 24X for the years 2025, 2026, and 2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 410 million yuan, down 34% year-on-year, and net profit at 16.99 million yuan, down 80% year-on-year, primarily due to the absence of EPC contracting business compared to the same period last year [1] - The company has made significant progress in its overseas strategy, particularly in the "Belt and Road" markets, signing two five-year supply contracts with a leading copper producer in Kazakhstan [1][2] - The company is enhancing its upstream copper and precious metals mining development, securing a 22.5% stake in Swiss company Virdis Resources, which will provide additional demand for its traditional mineral processing equipment and parts [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 410 million yuan, a 34% decrease year-on-year, and a net profit of 16.99 million yuan, an 80% decrease year-on-year [1] - Revenue breakdown by business segments includes: rubber wear-resistant products (290 million yuan, -3%), mining metal parts (58.05 million yuan, -3%), mineral processing equipment and parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Strategic Developments - The company has deepened its market presence in the "Belt and Road" region, with overseas revenue averaging 57% over the past five years and a CAGR of 30% [2] - The company is expanding into the upstream copper and precious metals sector, which is expected to drive demand for its mineral processing services [3] Investment Recommendations - The company is positioned as a leading private enterprise in mineral processing equipment, benefiting from overseas demand and product category expansion. Projected revenues for 2025-2027 are 980 million, 1.28 billion, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively. Net profits are expected to be 90 million, 130 million, and 190 million yuan, with corresponding growth rates of -26%, 48%, and 48% [5]