国元证券：给予精工科技增持评级

Core Viewpoint - The report highlights that Jinggong Technology (002006) is experiencing steady revenue growth and a recovery in profit margins, with a recommendation to "overweight" the stock based on its diverse product offerings and market positioning [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.729 billion yuan, a year-on-year increase of 12.25%. However, the net profit attributable to shareholders decreased by 18.53% to 147 million yuan, with a net profit margin of 8.50%, down 3.42 percentage points [2]. - For Q1 2025, the company reported a revenue of 404 million yuan, a decline of 25.93% year-on-year, and a net profit of 43 million yuan, down 24.00% year-on-year. The decrease is attributed to lower sales in carbon fiber and resource recycling equipment, along with increased expenses due to expanded operations [2]. Product Matrix and Market Position - The company has a rich product matrix with diverse applications, including: 1. Carbon Fiber Equipment: The domestic market share exceeds 50%, with products used in wind power and aerospace. Contracts worth 1.7 billion yuan were signed in 2023, with 280 million yuan expected to be recognized as revenue in 2024 [3]. 2. Polyester Recycling Equipment: Breakthroughs in chemical recycling technology have led to a 320 million yuan contract, with 210 million yuan expected in 2024. The company aims to produce 50,000 tons of recycled RPET annually [3]. 3. Building Energy-saving Equipment: The domestic market share exceeds 40%, focusing on intelligent and large-scale equipment development [3]. 4. Textile Equipment: The HKV series has a market share exceeding 50%, with a projected revenue increase of 118% in 2024 [3]. Investment Recommendations and Profit Forecast - The company is expected to achieve revenues of 2.052 billion yuan, 2.455 billion yuan, and 2.979 billion yuan for 2025, 2026, and 2027, respectively. The net profits are projected to be 225 million yuan, 278 million yuan, and 337 million yuan for the same years, with corresponding EPS of 0.43, 0.53, and 0.65 yuan per share [4].