Core Viewpoint - Eagle Precision is recognized as a top 10 global manufacturer of high-precision, complex, and high-performance castings and machined components, with a strong focus on overseas markets and a commitment to shareholder returns through dividends [1][2]. Group 1: Company Overview - Established in 1998 in Wuxi, China, Eagle Precision moved its headquarters to Hong Kong in 2011, providing a comprehensive range of services including R&D, mold design and manufacturing, casting, heat treatment, secondary machining, and surface treatment [2]. - The company is positioned among the top 10 global manufacturers in its sector, emphasizing its capabilities in high-precision and complex components [2]. Group 2: Global Capacity and Production - As of the end of 2024, the company operates 21 factories across China, Turkey, Germany, Czech Republic, and Mexico, with the Mexican facility gradually ramping up production to support North American orders [3]. - The proximity of the Mexican factory allows the company to benefit from USMCA tariff advantages for exports to the US and Canada, contributing to long-term performance growth [3]. Group 3: Revenue and Market Presence - The company has a high proportion of overseas revenue, with 47.3% of its income coming from the Americas (40.8% from the US), 29.9% from Europe, and 22.8% from Asia (20.7% from China) as of the first half of 2025 [4]. - Eagle Precision serves over 1,000 clients globally, including major corporations like Bosch, Caterpillar, Cummins, Honeywell, and Parker Hannifin, indicating strong market penetration and customer loyalty [4]. Group 4: Industry Demand and Growth Potential - The company's products cater to various industries, including high-horsepower engines, construction machinery, agricultural machinery, recreational boats, passenger vehicles, commercial vehicles, aerospace, energy, and medical sectors, with a notable demand increase in high-horsepower engines and robotics [5]. - In the first half of 2025, revenue from high-horsepower engine-related business grew by 48.3% year-on-year to 530 million yuan, accounting for 21.8% of total revenue [5]. - The company is also entering the supply chain for Da Vinci surgical robots and is in discussions with overseas humanoid robot companies, enhancing its long-term growth prospects [5].
兴证国际:首予鹰普精密“增持”评级 料与海外人形机器人公司合作可提升长期空间