HFM(SH:603011) Huachuang Securities·2025-10-31 08:59Investment Rating - The report gives a "Buy" rating for the company, Hefei Zhiqiang Intelligent Equipment Co., Ltd. (合锻智能) [2][12] Core Views - The company is positioned as a leader in high-end forming machine tools and is expanding into the core equipment field of nuclear fusion, with significant long-term growth potential expected [2][7][12] Summary by Sections Company Overview - Hefei Zhiqiang specializes in high-end forming machine tools and intelligent sorting equipment, focusing on advanced manufacturing and nuclear fusion core component production [16][17] - The company has a total share capital of 494.41 million shares and a market capitalization of 135.91 billion yuan [4] Financial Analysis - The company is projected to achieve total revenue of 2,074 million yuan in 2024, with a year-on-year growth rate of 17.4% [3] - The net profit attributable to shareholders is expected to be -89 million yuan in 2024, with a significant recovery anticipated in subsequent years, reaching 220 million yuan by 2027 [3][12] - The company reported a revenue of 1.67 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 14% [7][22] Nuclear Fusion Industry - The report anticipates a capital expenditure expansion cycle in the nuclear fusion industry from 2025 to 2028, which is expected to drive order volume across the supply chain [9][28] - The total expected investment in major domestic nuclear fusion projects is estimated to reach 146 billion yuan [9][38] Competitive Advantages - The company has a significant first-mover advantage in the nuclear fusion sector, having secured contracts for key components such as the BEST vacuum chamber project, valued at 209 million yuan [10][62] - The chairman of the company also serves as the chairman of the Fusion New Energy (Anhui) Co., Ltd., enhancing its strategic positioning within the industry [19][61] Investment Recommendations - The report forecasts net profits of -0.22 billion yuan, 1.33 billion yuan, and 2.20 billion yuan for 2025, 2026, and 2027, respectively [12] - The company is expected to benefit significantly from the upcoming capital expenditure peak in the nuclear fusion sector, making it a key player in the industry [12][62]