丰光精密：深耕精密零部件领域，布局谐波减速器打开向上成长空间

Investment Rating - The report initiates coverage with a "Buy" rating for the company [66][84]. Core Insights - The company has shown strong revenue growth of 29.44% year-on-year, reaching 183 million yuan in the first three quarters of 2024, driven by increased sales and improved production efficiency [103][66]. - The company is expanding its product lines, particularly in harmonic reducers, which are expected to open up significant growth opportunities [102][66]. - The company has established long-term strategic partnerships with leading manufacturers across various industries, enhancing its market position [150][66]. Summary by Sections Company Overview - The company, founded in 2001, specializes in precision machining and die-casting, and was one of the first to list on the Beijing Stock Exchange in 2021 [1][66]. - It has received multiple accolades, including being recognized as a national high-tech enterprise and a "little giant" enterprise [1][66]. Financial Performance - In the first three quarters of 2024, the company achieved a net profit of 22 million yuan, a year-on-year increase of 35.68% [103][66]. - The company expects revenue growth of 20.60%, 21.13%, and 17.86% for 2024, 2025, and 2026, respectively, with net profits projected to grow by 22.70%, 23.89%, and 22.34% in the same period [66][66]. Market Position and Strategy - The company has a competitive edge in precision machining due to its advanced technology and strong customer relationships, including partnerships with major brands like THK and Yaskawa [150][66]. - The company is actively expanding its global market presence and has plans to increase production capacity for harmonic reducers, which are in high demand due to the growth of humanoid robotics [59][66]. Industry Outlook - The report highlights a positive outlook for the automation and semiconductor industries, with expected growth in demand for the company's products [22][66]. - The company is well-positioned to benefit from government policies promoting economic growth and industrial automation [22][66].