topstar(SZ:300607) Huaxin Securities·2025-09-24 15:16Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9] Core Insights - The company is positioned in the strategic emerging industry of industrial robots, CNC machine tools, and injection molding machines, benefiting from favorable national policies and the ongoing transformation of the manufacturing sector [4] - Significant breakthroughs in core technologies have enhanced the company's product competitiveness, with a notable increase in revenue from multi-joint robots by 80.86% in the first half of 2025 [5] - The company's global market expansion has led to overseas business becoming a new growth driver, with a 29.64% increase in revenue from injection molding machines and related equipment [6] Summary by Sections Industry Overview - The industrial robot and CNC machine tool sectors are experiencing robust demand, particularly in aerospace and humanoid robotics, with a projected global market size for five-axis CNC machine tools reaching USD 17.02 billion by 2029, growing at a CAGR of 10.3% [4] Technology Advancements - The company has made significant advancements in three core technology areas: industrial robot controllers, servo drives, and vision systems, with the new X5 motion controller supporting AI model integration and multi-axis control [5] Global Market Strategy - The company has established a presence in over 50 countries, with a focus on emerging markets such as South America and Mexico, and has developed a localized service network to enhance its overseas supply chain [6] Financial Forecast - Revenue projections for 2025-2027 are estimated at CNY 2.632 billion, CNY 2.774 billion, and CNY 2.990 billion respectively, with corresponding EPS of CNY 0.11, CNY 0.23, and CNY 0.43 [9][11]