HOP(SH:603319) Xin Lang Cai Jing·2025-12-08 06:35Group 1 - The company is a leading manufacturer of pump products, with a diversified business layout that opens up growth opportunities. Established in 1949 and listed on the Shanghai Stock Exchange in 2016, the company has expanded its product line from generator pumps to include transmission oil pumps, electronic pumps, reducers, motors, embodied intelligent joint modules, and lightweight materials, establishing long-term strategic partnerships with numerous well-known domestic and international clients [1] - The demand for diesel engine oil pumps is expected to benefit from the high prosperity of data center construction, as they account for 15% of the costs of diesel generator systems, which serve as backup power sources for data centers during power outages. The rapid development of AI technology is driving explosive growth in computing power, which will further expand the upstream oil pump market [1] - The electronic pump market is anticipated to grow as the penetration rate of electric vehicles increases, with the value of thermal management systems in new energy vehicles being higher than that of traditional fuel vehicles, positioning electronic pumps as a crucial component in these systems [1] Group 2 - The company is preparing for mass production of humanoid robots, with new business layouts that enhance growth potential. Its wholly-owned subsidiary has the capacity to produce 50,000 precision harmonic reducers and 5 million precision gears annually, with plans to build additional capacity for 100,000 harmonic reducers [2] - The company has full-process product development and mass production capabilities for embodied intelligent joint modules, with plans to establish production capacity for 100,000 joint modules [2] - The company’s subsidiaries are advancing in lightweight materials, having successfully applied powder metallurgy components in leading robotics manufacturers and focusing on high-performance PEEK material development for high-end manufacturing [2] Group 3 - The company is expected to achieve net profits of 194 million, 230 million, and 286 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.1%, 18.6%, and 24.2% [2] - Given the company's position as a leading player in the oil pump sector, its mature technology, superior product quality, stable main business growth, and active expansion into new energy vehicles, along with benefits from AIDC and humanoid robots, the company's performance is considered highly certain, leading to an "Accumulate-A" rating [2]