Union Precision(SH:688210) GOLDEN SUN SECURITIES·2025-11-05 09:31Investment Rating - The report maintains a rating of "Add" for the industry [5] Core Viewpoints - Metal Injection Molding (MIM) is recognized as a leading advanced manufacturing technology, combining traditional powder metallurgy with modern plastic injection molding to produce complex metal parts with high precision and material efficiency [1][10] - The global MIM market is projected to exceed $4 billion, with a compound annual growth rate (CAGR) of over 10%, driven by stable demand in consumer electronics and rapid expansion into automotive and medical device sectors [2][30] - China dominates the global MIM industry, accounting for over 40% of the market share, with a market size expected to grow from approximately 9.5 billion yuan in 2023 to 10.85 billion yuan in 2024, reflecting a year-on-year growth of 14.2% [2][31] Summary by Sections 1. Metal Injection Molding: Future Advanced Manufacturing Technology - MIM is a "near-net-shape" process that allows for the production of complex metal parts with tolerances of ±0.2% and material utilization rates exceeding 95% [1][10] - The technology is particularly suitable for small, intricate components that are costly or difficult to manufacture using traditional methods [1][16] 2. MIM Applications in Robotics - The rise of humanoid robots presents new opportunities for MIM, with potential applications in critical components such as gear reducers, dexterous hand joints, and sensor housings [3][36] - MIM can produce complex, lightweight, and high-performance parts essential for the functionality of advanced robotic systems [3][39] 3. Market Size and Growth Drivers - The global MIM market is expected to reach $4.405 billion in 2024 and $4.829 billion in 2025, with a forecasted market size of $8.877 billion by 2031, indicating a CAGR of 10.7% from 2025 to 2031 [2][30] - The Chinese MIM market is projected to grow significantly, with a market size of approximately 10.85 billion yuan in 2024, driven by demand in the consumer electronics sector [2][33] 4. Key Companies to Watch - The report highlights "Tonglian Precision" as a key company to focus on, with additional attention on "Dongmu Co., Ltd." and "Haichang New Materials" [4][45][49]