Investment Rating - The report assigns a "Buy" rating for the company with a target price of 123.50 CNY, based on a current price of 75.54 CNY and a target timeframe of 12 months [1]. Core Insights - The company, Qiaofeng Intelligent Equipment Co., Ltd., is recognized as a national-level specialized and innovative "little giant" enterprise in the high-end CNC machine tool sector, with a comprehensive layout across the entire industry chain [6][15]. - The company has demonstrated robust growth in revenue and profit, with a projected revenue of 1.76 billion CNY in 2024, reflecting a year-on-year increase of 21.02%, and a net profit of 205.24 million CNY, also up by 21.33% [8][41]. - The demand in the terminal market is continuously releasing, which is driving the company's steady growth in performance [41]. Summary by Sections Company Overview - Qiaofeng Intelligent was established in 2009 and focuses on the R&D, production, sales, and service of high-end CNC machine tools, serving various industries including automotive, aerospace, and consumer electronics [15][19]. - The company has over 200 patented technologies and a diverse product range that meets the varied needs of its clients [19][20]. Market Demand and Performance - The company has seen a significant increase in performance, with a revenue of 1.87 billion CNY in the first three quarters of 2025, marking a year-on-year growth of 56.71% [41]. - The growth is attributed to the continuous improvement in downstream industry conditions and the successful introduction of new products [41]. Financial Forecast - The financial projections indicate a revenue increase to 2.49 billion CNY in 2025, with a growth rate of 41.25%, and a net profit of 382.57 million CNY, reflecting an 86.40% increase [8][9]. - The report anticipates that the company's earnings per share (EPS) will reach 3.17 CNY in 2025, with a price-to-earnings (P/E) ratio of 23.84 [8][9]. Industry Trends - The rapid development of AI and the consumer electronics industry is expected to support the company's performance, with global smartphone shipments projected to increase by 1% in 2025 [6][41]. - The growth of the new energy vehicle sector, driven by advancements in smart driving and solid-state batteries, is also anticipated to boost equipment demand [41][42]. Strategic Initiatives - The company is actively expanding into the humanoid robot market, with a forecasted global market size of 63.39 billion CNY by 2025 [9][41]. - Collaborations with universities and other companies are enhancing the company's technological capabilities and market reach [19][20].
乔锋智能（301603）：助力公司开启第二增长极（首次覆盖）：中高端数控机床领域专精特新“小巨人”企业，新兴产业市场开拓顺利