中航证券：首次覆盖精研科技给予买入评级

Group 1 - The core viewpoint of the report is that Jingyan Technology is well-positioned to benefit from the growth in the foldable screen and cooling business sectors, leading to a "buy" rating [1][6] - Jingyan Technology specializes in Metal Injection Molding (MIM) technology, with applications in consumer electronics, automotive, and smart home sectors, and has established a strong client base including major brands like Apple, Samsung, and Google [2][3] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in 2021, highlighting its industry leadership in production capacity, revenue scale, product quality, and service [2] Group 2 - The foldable smartphone market is projected to reach 19.8 million units by 2025, with a market penetration rate of approximately 1.6%, indicating a stable growth outlook despite a slowdown in growth rates compared to previous years [3] - Jingyan Technology is involved in the foldable screen sector through its MIM components for foldable screen hinges and assembly services, positioning itself to capitalize on the anticipated market growth driven by Apple's entry into the foldable smartphone market [3] - The cooling market for data centers is expected to reach $16.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.4%, driven by AI computing and high-density equipment demands [4] Group 3 - The company is actively developing new products and projects in the cooling sector, focusing on liquid cooling solutions which are expected to increase in market penetration from 17% in 2024 to 33% by 2028 [4] - Jingyan Technology is enhancing its product offerings by integrating advanced materials and 3D printing technology, which improves the performance of its cooling products [4] - Revenue forecasts for Jingyan Technology are projected to reach 2.616 billion yuan, 3.264 billion yuan, and 3.921 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 40.23, 24.66, and 19.93 [6]