NHPM(601882) 广发证券·2024-05-06 07:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 35.01 CNY per share based on a 25x PE valuation for 2024 [2][46]. Core Insights - The company is positioned as a leader in the mid-to-high-end CNC machine tool sector, benefiting from capacity advantages and a strong market position [2]. - The company's revenue for 2024 is projected to reach 3.858 billion CNY, reflecting a growth rate of 16.1% [6]. - The net profit attributable to shareholders is expected to be 731 million CNY in 2024, with a growth rate of 19.9% [6]. - The company has announced a cash dividend of 0.27 CNY per share, demonstrating a commitment to shareholder returns [20]. Financial Summary - Revenue (in million CNY): - 2022A: 3,177 - 2023A: 3,323 - 2024E: 3,858 - 2025E: 4,448 - 2026E: 5,131 - Net Profit (in million CNY): - 2022A: 521 - 2023A: 609 - 2024E: 731 - 2025E: 839 - 2026E: 966 - EPS (CNY per share): - 2022A: 1.00 - 2023A: 1.17 - 2024E: 1.40 - 2025E: 1.61 - 2026E: 1.85 - EBITDA (in million CNY): - 2022A: 610 - 2023A: 685 - 2024E: 803 - 2025E: 926 - 2026E: 1,063 [6][20][24].