Hiecise(SZ:300809) Xin Lang Cai Jing·2025-06-30 02:43Core Viewpoint - The company successfully launched several new precision grinding machines, reinforcing its competitive advantage in the high-end grinding market and breaking the overseas monopoly in certain technologies [1][2]. Product Launch and Technical Advancements - The new products include ultra-precision curved surface grinders, precision thread grinders, precision CNC linear guideway grinders, and μm-level grinding machines, showcasing the company's commitment to high-precision grinding technology [1][2]. - The ultra-precision curved surface grinder achieves a precision of 0.001mm for optical components, addressing national demand for semiconductor equipment [1]. - The precision thread grinder can reach the highest accuracy level of P0, with significant improvements in grinding efficiency of over 300% due to innovative technologies [1][2]. - The precision CNC linear guideway grinder features a unique double-layer stacking grinding technology, achieving a grinding efficiency of 13 minutes for two 4-meter guideways [2]. - The μm-level grinding machine focuses on robotic joint reducer parts, achieving a profile accuracy of up to 1μm and doubling the processing efficiency [2]. Market Position and Industry Trends - The company holds a 40% market share in the domestic high-end precision grinding sector and is recognized as a global leader in roll grinding machines [3]. - The expansion into new product categories is driven by the application of ultra-precision grinding technology in smaller workpieces, which aligns with the high precision demands of downstream industries such as steel and automotive [3]. - The company has maintained strong financial metrics, with historical gross and net profit margins of 40% and 20%, respectively, indicating robust competitive advantages [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 637 million, 888 million, and 1.174 billion yuan, representing year-on-year growth rates of 43%, 39%, and 32% respectively [4]. - Net profit forecasts for the same period are 112 million, 196 million, and 300 million yuan, with year-on-year growth rates of 81%, 75%, and 53% respectively [4]. - The company's stock price of 36.97 yuan corresponds to a PE ratio of 84, 48, and 31 for the years 2025, 2026, and 2027, reflecting its position as a leading player in the high-end grinding equipment market [4].