Core Viewpoint - The company Nepean Mining (300818.SZ) has successfully trialed its new forged composite liner at several mining enterprises both domestically and internationally this year, with plans for widespread global promotion next year [1] Group 1 - The new forged composite liner has been successfully tested in multiple mining companies [1] - The company plans to promote the new product on a large scale globally next year [1]

Core Viewpoint - The company Nepean Mining (300818.SZ) has successfully trialed its new forged composite liner at several mining enterprises both domestically and internationally this year, with plans for widespread global promotion next year [1] Group 1 - The new forged composite liner has been successfully tested in multiple mining companies [1] - The company plans to promote the new product on a large scale globally next year [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has signed significant contracts, including a total of 1,885.25 million USD (approximately 135.17 million RMB) in contracts with a mining company in Kazakhstan [4] - The company has successfully developed a new forged composite liner product that significantly outperforms traditional cast steel in terms of hardness, wear resistance, impact resistance, and corrosion resistance [5] - The establishment of overseas production bases is progressing steadily, with a factory in Zambia already operational and expected to drive significant revenue growth [6] - The company has acquired a 22.5% stake in Veritas Resources AG, participating in the development of the Alacran copper-silver mine project in Colombia, which is expected to enhance its resource and manufacturing capabilities [7][8] - Revenue forecasts for 2025-2027 are projected at 11.53 billion, 14.44 billion, and 17.59 billion RMB, with corresponding EPS of 0.71, 0.96, and 1.25 RMB, indicating a strong growth trajectory [9] Summary by Sections Market Performance - The company has shown a positive market performance compared to the CSI 300 index [2][3] Investment Highlights - The new forged composite liner product has a lifespan of 7.5 months, which is 1.5-2 times longer than metal liners, leading to increased order growth [5] - The company is transitioning from an export trade model to a global production service model, enhancing its market presence [6] - The investment in the Alacran project is expected to yield a post-tax IRR of 23.8%, indicating strong economic potential [7] Financial Forecast - The company is expected to experience steady revenue growth, with a projected increase in net profit from 116 million RMB in 2024 to 212 million RMB in 2027 [11] - The gross margin is expected to remain stable, with slight fluctuations projected over the forecast period [12]