HGPE(301261) 华鑫证券·2025-03-10 00:03Investment Rating - The report gives a "Buy" investment rating for the company, marking its first coverage [2][10]. Core Insights - The company is a leading player in precision machining and continuous cast iron components, recognized as a national "specialized and innovative" small giant enterprise [5]. - Continuous cast ductile iron products have gained wide recognition for their superior performance compared to traditional materials, leading to significant market opportunities in various sectors such as pneumatic, hydraulic, and automotive components [6]. - The company has a clear strategic focus on the core components of reducers, particularly in the robotics sector, and is actively expanding its customer base [7]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 1.05 billion, 1.25 billion, and 1.49 billion yuan respectively, with corresponding EPS of 1.63, 1.99, and 2.41 yuan [8][10]. Summary by Sections Company Overview - The company specializes in precision machining and continuous cast iron products, utilizing advanced continuous casting technology [5]. Competitive Advantages - Continuous cast ductile iron offers advantages such as shorter delivery times, uniform material density, and lower processing energy consumption, positioning the company favorably in the market [6]. Strategic Development - The company is focusing on the development of key materials and core components for reducers, employing a tiered approach to product development and customer expansion [7]. Financial Projections - The company anticipates revenue growth rates of 18.9% for 2024 and 2025, and 19.4% for 2026, with net profit growth rates of 13.2% and 21.8% for the following years [12].