Dongxing Securities: Maintains "Recommended" Rating for NBGF, Actively Expands International Market

Dongxing Securities research report points out that NBGF plans to establish an overseas subsidiary to actively expand into international markets. According to the announcement, this investment is based on the market situation and the demand for overseas production capacity layout for customer projects, in line with the implementation of the "going out" strategy. The company's investment in building a factory in Morocco will help improve its global industrial layout and enhance its overall strength. Currently, the company's main business is still concentrated in the domestic market. According to the 2024 annual report, all of the company's main business revenue comes from domestic sources. The foreign market remains blank, and the establishment of an overseas subsidiary will break this situation while bringing new growth to the company's business. The company maintains robust profitability due to its excellent cost and expense control capabilities. Its existing product market share remains industry-leading, and it continues to explore joint ventures and overseas markets, with promising prospects. The company has relatively sufficient cash reserves and is optimistic about its medium to long-term development. It is expected that the company's net profit attributable to shareholders will be 221 million / 256 million / 299 million yuan from 2025 to 2027, corresponding to EPS of 0.99 / 1.15 / 1.34 yuan. Based on the current stock price, the corresponding PE is 16x / 14x / 12x, maintaining a "recommend" rating