宏工科技（301662）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated handling lines and equipment for bulk materials, including powder, granules, liquids, and slurries. It has established itself as a core supplier in the lithium battery industry, with over 70% of its revenue coming from this sector [20][21]. - The company has shown significant revenue growth in previous years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [4][8]. - The company has a strong market presence, with a market share of approximately 24.67% in lithium battery slurry, 17.99% in cathode materials, and 10.34% in anode materials as of 2022 [20]. Financial Performance - The company achieved a net profit of 297.5 million yuan in 2022, 315 million yuan in 2023, and a projected 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and a decline of 30.08% respectively [4][8]. - For the first quarter of 2025, the company anticipates a revenue change of -8.94% to 11.30% year-on-year, with net profit expected to decline by 36.35% to -22.21% [8][25]. Industry Overview - The automated handling equipment industry is becoming increasingly important in industrial automation and smart manufacturing, with applications expanding across various sectors, including lithium batteries, fine chemicals, rubber and plastics, and food and pharmaceuticals [15][19]. - The global market for automated handling equipment was valued at approximately $33.65 billion in 2018 and is projected to grow to $56.51 billion by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company has established strong relationships with leading clients in the lithium battery sector, including CATL, BYD, and others, which enhances its competitive edge [20]. - The company is diversifying its client base across multiple industries, including fine chemicals, rubber and plastics, and food, which lays a solid foundation for future business development [21]. Investment Projects - The company plans to invest in two projects through its IPO, including an intelligent material conveying and mixing automation system project with a total investment of 240 million yuan and a research and development center construction project with an investment of 92 million yuan [24][28].