恒工精密(301261)：2025Q3营收稳健增长 机器人业务持续推进

Core Viewpoint - The company reported a revenue of 795 million yuan for the first three quarters of 2025, representing a year-on-year growth of 6.37%, while the net profit attributable to shareholders decreased by 18.68% to 78.17 million yuan [1] - The company has established a unique competitive advantage in the continuous casting ductile iron sector, which is characterized by low cost, lightweight, low temperature rise, excellent wear resistance, and good cutting performance, making it suitable for various downstream applications [1] Financial Performance - For Q3 2025, the company achieved a revenue of 268 million yuan, reflecting a year-on-year increase of 14.39%, but the net profit attributable to shareholders fell by 57.02% to 12.14 million yuan [1] - The revenue projections for 2025-2027 are estimated at 1.222 billion, 1.456 billion, and 1.729 billion yuan respectively, with net profits expected to be 108 million, 128 million, and 153 million yuan [3] Competitive Advantages - The company has developed a "dual-engine" model that combines high-quality continuous casting iron materials with one-stop service capabilities, effectively reducing processing costs and enhancing product performance [2] - The company has a high-end customer base, including well-known domestic and international clients in the air compression and hydraulic sectors, such as Hanbell Precise Machinery, Dongya Machinery, and Atlas Copco [2] Product Development - The company is gradually increasing the volume of its robot products, which include core components for RV reducers and harmonic reducers, as well as structural components for robots [2] - The company has successfully supplied robot reducers and structural components, indicating a positive trend in product volume growth [2] Investment Outlook - The company is positioned as a domestic leader in the continuous casting ductile iron field, with a forward-looking strategy in robot reducers and structural components, which is expected to drive accelerated performance release [3]