Union Precision(SH:688210) Dongxing Securities·2025-05-09 10:23Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 174 million yuan in Q1 2025, representing a year-on-year growth of 33.93%. However, the net profit attributable to the parent company was 2.74 million yuan, a decrease of 11.93 million yuan year-on-year [3][4]. - The gross margin for Q1 2025 was 31.05%, an increase of 8.49 percentage points year-on-year, although it decreased by 9.34 percentage points compared to the previous quarter [4]. - The company is actively investing in R&D and application of 3D printing technology to establish a second growth curve, leveraging the advantages of complex structure free-forming [5]. - The company is steadily advancing new capacity deployment and expanding both domestic and international markets, with factories in Changsha and Vietnam undergoing preliminary preparations for production [6]. Financial Performance Summary - The company forecasts revenues of 561.72 million yuan for 2023, with a growth rate of 10.43%, and expects revenues to reach 2,075.82 million yuan by 2027, with a growth rate of 36.05% [12]. - The net profit attributable to the parent company is projected to be 58.77 million yuan in 2023, with a significant increase to 315.55 million yuan by 2027, reflecting a growth rate of 40.47% [12]. - The earnings per share (EPS) are expected to be 0.37 yuan in 2023, increasing to 1.97 yuan by 2027 [12].