Hiecise(300809) 光大证券·2024-12-15 10:10Investment Rating - The report maintains a rating of "Accumulate" for Huachen Equipment (300809.SZ) [1] Core Views - The successful bid for the high-precision P0 level grinding machine project at Nanjing University of Science and Technology marks a significant step in the company's layout in the ball screw field, which is crucial for the development of humanoid robots [2][3] - The company is accelerating its expansion in the ball screw sector, with advanced products that match international standards, indicating strong growth potential in high-end precision grinding equipment [3] - The company has adjusted its profit forecasts for 2024-2026 due to international and geopolitical factors, with net profit estimates revised down to 101 million yuan, 140 million yuan, and 190 million yuan respectively [3] Financial Summary - Revenue projections for 2024 are set at 519 million yuan, with a growth rate of 8.26% [4] - The net profit for 2024 is forecasted at 101 million yuan, reflecting a decrease of 14.28% compared to 2023 [4] - The earnings per share (EPS) for 2024 is estimated to be 0.40 yuan, with a projected price-to-earnings (P/E) ratio of 82 [4] - The return on equity (ROE) for 2024 is expected to be 6.16% [4] Market Position - Huachen Equipment is positioned as a leader in the high-end CNC grinding machine sector, focusing on domestic replacement of high-end equipment [3][4] - The company has established contracts with educational institutions and industry players, enhancing its capabilities in the development and testing of core components [3]