Core Viewpoint - The global capital markets have seen a rare phenomenon where both technology stocks and gold have risen simultaneously, reflecting the deep intertwining of "uncertainty" and "certainty" during economic transformation. Gold serves as a safe haven against global economic divergence and geopolitical risks, while technology stocks represent bets on future growth driven by industrial transformation and technological breakthroughs. In this context, assets with both certainty and growth potential, such as Lijin Technology, are increasingly valuable as it solidifies its foundation through diversified businesses and opens up growth space through technological breakthroughs [1] Group 1: Performance and Business Structure - Lijin Technology has built a solid performance foundation through "multi-business synergy + global layout," demonstrating strong anti-cyclical capabilities amid global economic divergence and intensified domestic competition. In the first half of the 2025-2026 fiscal year, the company achieved a revenue of HKD 3.26 billion, a year-on-year increase of 25.7%, and a net profit of HKD 168 million, up 1.1% year-on-year [2] - The company's business structure, centered around die-casting machines, injection molding machines, and CNC machining centers, creates significant synergy across technical research, customer resources, and market channels, effectively mitigating risks from single industry fluctuations. The die-casting machine segment, as the core pillar, generated HKD 2.26 billion in revenue, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [2] Group 2: Market Trends and Innovations - In the automotive sector, Lijin Technology has leveraged its technological advantages to secure orders from leading clients, with its ultra-large die-casting machines holding over 90% of the global market share. Revenue from automotive clients in the die-casting machine segment grew by 31% year-on-year, serving as the main growth driver for this business unit [3] - The injection molding machine segment achieved a revenue of HKD 920 million, a year-on-year increase of 4.4%, with notable product structure optimization. The FA3550T large two-plate injection molding machine, customized for the production of plastic battery boxes for electric vehicles, meets market lightweight demands through "plastic instead of steel" technology [4] - The CNC machining center business has enhanced market reach through continuous product performance iterations, management optimization, and sales channel expansion [5] Group 3: Global Expansion and Market Opportunities - Lijin Technology has effectively capitalized on manufacturing upgrades in emerging markets, leveraging RCEP policy benefits for deep global layout. In Southeast Asia, sales of injection molding machines in Vietnam increased by 150% year-on-year, reflecting strong demand [6] - The company has successfully delivered a 7000T ultra-large intelligent die-casting unit to a leading global automotive supplier for large-scale production of electric vehicle battery boxes and body structure components in Eastern Europe. Additionally, a 9000T ultra-large die-casting machine was delivered to a European luxury automotive brand, further solidifying the company's delivery capabilities and market position in high-end manufacturing [7][8] Group 4: Technological Advancements and Future Growth - Lijin Technology's breakthroughs in magnesium alloy die-casting and precision manufacturing align with industry trends such as lightweighting in electric vehicles and humanoid robots, opening up long-term growth potential [9][10] - The company has positioned itself in the magnesium alloy sector, with sales of magnesium alloy equipment expected to grow over 400% by 2025. The TPI magnesium alloy semi-solid thixotropic forming equipment has gained international recognition, enhancing the company's competitive edge [11][14] - The strategic collaboration with humanoid robot manufacturers focuses on lightweighting, utilizing TPI magnesium alloy forming technology to meet the demands for weight reduction and strength enhancement [17] Group 5: Valuation and Market Position - Currently, the company's dynamic price-to-earnings ratio stands at 12.78, positioned at the 30.31 percentile, indicating that the valuation does not fully reflect the growth premium. The company's revenue continues to rise steadily, and new businesses are accelerating, suggesting potential for valuation improvement [21] - Lijin Technology is increasingly recognized as a "scarce value target" in the high-end equipment manufacturing sector, with its multi-business support providing performance certainty and technological-driven long-term growth potential [23]
轻量化革命下镁合金崛起，力劲科技(00558.HK)如何成为“装备界顶流”？