集智股份（300553）：高端领域打破国外垄断，长期成长天花板打开

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has broken the foreign monopoly in high-end fields, opening up long-term growth potential [6] - The company is a leader in the domestic balancing machine sector, with its products now applied in critical components of aerospace engines, marking a significant technological breakthrough [8] - The market for balancing machines is expected to expand significantly, with the company's effective downstream market space projected to grow from 800 million RMB (5% market share) to over 16 billion RMB (100% market share) [8] Financial Summary - Revenue forecasts for the company are as follows: - 2023: 255 million RMB - 2024: 269 million RMB (growth of 7.60%) - 2025: 410 million RMB (growth of 52.47%) - 2026: 623 million RMB (growth of 52.17%) - 2027: 924 million RMB (growth of 48.18%) [7] - Net profit forecasts are as follows: - 2023: 33 million RMB - 2024: 19 million RMB (decline of 41.65%) - 2025: 53 million RMB (growth of 179.77%) - 2026: 97 million RMB (growth of 81.09%) - 2027: 170 million RMB (growth of 76.14%) [7] - Earnings per share (EPS) projections are: - 2023: 0.29 RMB - 2024: 0.17 RMB - 2025: 0.48 RMB - 2026: 0.87 RMB - 2027: 1.54 RMB [7] Market Performance - The global balancing machine market is projected to reach approximately 2.3 billion USD (around 16.7 billion RMB) in 2024, with the automotive sector accounting for the largest share [8] - The company has achieved a breakthrough in high-speed balancing technology, which was previously dominated by foreign companies, thus enhancing its competitive edge [8]