Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9]. Core Views - The company is a leading player in the domestic aluminum profile extrusion mold industry, with significant growth potential in overseas markets. The company has expanded its product matrix from mold manufacturing to supporting equipment and precision components, benefiting from the growing application of aluminum profiles across various sectors [8][18]. - The company has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of 17.5% from 2018 to 2024, increasing revenue from 432 million yuan to 1.136 billion yuan. Net profit also grew at a CAGR of 28.4% during the same period [28]. - The aluminum profile extrusion mold market in China is projected to exceed 6 billion yuan in 2024, with the industry concentrating towards leading players. The company has increased its market share from 3.85% to 7.57% between 2018 and 2024 [41][44]. Financial Data and Profit Forecast - The company is expected to achieve total revenue of 1.136 billion yuan in 2024, with a projected decline of 8.5% in 2025, followed by a recovery with growth rates of 18.6% and 18.8% in 2026 and 2027, respectively [2]. - The forecasted net profit for 2025 is 120 million yuan, with an expected increase to 175 million yuan in 2026 and 242 million yuan in 2027 [2][9]. - The company's earnings per share (EPS) are projected to be 2.00 yuan in 2025, increasing to 2.91 yuan in 2026 and 4.03 yuan in 2027 [2]. Market and Industry Analysis - The report highlights the significant growth in the mold manufacturing industry in China, with the market size expanding from 159 billion yuan in 2011 to 343.4 billion yuan in 2023, reflecting a CAGR of 6.63% [44]. - The aluminum extrusion mold market is expected to benefit from the increasing production of aluminum profiles, which is projected to grow from 19.8 million tons in 2018 to 23.3 million tons in 2024 [8][53]. - The company has established a strong international presence, with overseas revenue reaching 190 million yuan in the first half of 2025, marking a year-on-year growth of 31.91% and accounting for 38.51% of total revenue [8][9]. Business Segments - The company's main revenue sources include aluminum profile extrusion molds and supporting equipment, which together account for approximately 80% of total revenue. The precision mechanical components segment contributes an additional 15% [32][33]. - The revenue from aluminum profile extrusion molds and components is expected to grow from 429 million yuan in 2025 to 617 million yuan in 2027, while the supporting equipment segment is projected to grow from 364 million yuan to 524 million yuan in the same period [10][32].
江顺科技（001400）：国内铝型材挤压模具领跑者，海外市场星辰大海