大鹏工业（920091）：工业精密清洗装备小巨人企业，加速布局机器视觉检测产品

Investment Rating - The report suggests a "Buy" rating for the company, indicating a positive outlook for investment opportunities [2][4]. Core Insights - The company, Dapeng Industrial, is recognized as a national-level "Little Giant" enterprise specializing in industrial precision cleaning equipment and is accelerating its layout in machine vision detection products [2][12]. - The company has experienced significant growth, with a revenue increase of 28.43% and a net profit increase of 59.89% in the first three quarters of 2025 [32]. - The demand for industrial precision cleaning equipment is driven by the rapid development of the automotive industry, particularly in the context of new energy vehicles [39][44]. Summary by Sections 1. Initial Issuance - The company plans to issue 15 million shares at a price of 9 yuan per share, with an expected market capitalization of 12.72 times earnings [5][6]. - The funds raised will be used for expanding production capacity and enhancing research and development efforts [8][10]. 2. Business Overview - Dapeng Industrial serves major clients such as BYD and Weichai Power, focusing on industrial precision cleaning equipment and machine vision detection devices [12][30]. - The company has a projected gross margin of 27.22% for 2024, with a significant portion of its revenue coming from industrial precision cleaning equipment [16][26]. - The company has established a strong market position due to its technological capabilities and partnerships, including collaboration with Tencent Cloud [12][21]. 3. Industry Analysis - The industrial precision cleaning equipment market is expected to grow, driven by the increasing demand from high-value manufacturing sectors, particularly in the automotive industry [39][40]. - Machine vision technology is rapidly evolving and is being widely adopted across various industries, including automotive and consumer electronics, enhancing production efficiency and quality control [47][48]. - The report highlights the competitive landscape, noting that Dapeng Industrial is well-positioned against competitors like Blue Eagle Equipment and Sanyue Machinery [39][47].