Allied Machinery(605060) 华鑫证券·2025-02-16 13:30Investment Rating - The report initiates coverage with a "Buy" investment rating for the company [8] Core Insights - The demand for refrigeration compressors is high due to the expansion of high-end equipment needs, benefiting the company as a leading precision machinery manufacturer in China [2] - The company has established strong relationships with overseas core clients, which has become a new growth engine for its business [3] - The company is making significant progress in capacity expansion and new product development, indicating strong potential for future earnings growth [4][7] Summary by Sections Market Performance - The company has shown a strong market performance, with its overseas revenue share increasing from 33% in 2021 to 44% in 2023, reflecting robust international expansion capabilities [3] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 11.96 billion, 15.03 billion, and 18.54 billion yuan respectively, with corresponding EPS of 0.89, 1.20, and 1.52 yuan [8][10] - The company is expected to achieve stable growth due to its deepening global layout and gradual capacity release [8] Production and R&D - The company is currently constructing a factory in Mexico, expected to partially commence production in 2025, which will enhance its overseas capacity and mitigate trade risks [4] - R&D expenses reached 0.53 billion yuan in the first nine months of 2024, with a R&D expense ratio of 6.24%, indicating a commitment to innovation [7]