上市（首次覆盖）：坤博精工：双业务驱动发展

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company, Zhejiang Kunbo Precision Engineering Co., Ltd., is positioned as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, focusing on high-end precision forming components and single crystal silicon growth vacuum furnace manufacturing [2][9]. - The global photovoltaic installed capacity is expected to continue its upward trend, with optimistic forecasts reaching 587 GW by 2030 and 430 GW by 2024 [2][29]. - The casting industry has entered a mature phase, with stable production levels since 2012, and the growth rate in China has slowed significantly since 2011 [2][29]. - The company has established a robust system for technological innovation and product development, gaining recognition from leading manufacturers globally [2][9]. Financial Forecasts - Revenue and net profit projections for 2024-2026 are estimated at 145 million, 157 million, and 219 million CNY, and 19 million, 22 million, and 34 million CNY respectively [3]. - The company’s revenue growth rate is projected to decline by 51% in 2024, followed by a recovery in subsequent years [3]. - The company's return on equity (ROE) is expected to improve from 5.6% in 2024 to 9.2% in 2026 [3]. Business Overview - The main products include high-end precision forming components and complete vacuum furnace systems for single crystal silicon growth, serving industries such as wind power, industrial automation, marine engineering, and semiconductor processing [10][12]. - The company has a significant market presence, with a stable customer base including leading manufacturers in various sectors [2][9]. Industry Overview - The global photovoltaic industry is experiencing rapid growth, with a compound annual growth rate of 53.74% from 2021 to 2023 [29]. - The industry faces challenges such as supply-demand imbalances and intense competition, leading to price reductions across the photovoltaic supply chain [31]. - The transition to N-type solar cells is expected to accelerate, with market share projected to rise from under 25% in 2023 to over 70% in 2024 [31].