铁流股份（603926）：点评报告：技术赋能转型，具身智能赛道再添新力

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a projected stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company has established a wholly-owned subsidiary for robotics with a registered capital of 100 million yuan, marking a strategic extension into the embodied intelligence sector, leveraging its high-precision manufacturing technology from the automotive parts industry [1][2]. - The new subsidiary, Jierfu Intelligent Robotics, aims to cover the entire industry chain, from R&D to product delivery, and is expected to create synergies with existing automotive and commercial vehicle services, enhancing the company's core competitiveness and profitability [3]. - The company has signed a collaborative R&D agreement with the Yangtze River Delta Hart Robotics Industry Technology Research Institute to develop key robotic components, which is expected to lower the costs associated with trial and error during the transition [2][3]. Financial Summary - The company forecasts revenue growth from 2.2 billion yuan in 2023 to 2.965 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.03% [4]. - The net profit attributable to the parent company is projected to increase from 98 million yuan in 2023 to 190 million yuan in 2027, reflecting a significant growth rate of 24.22% in 2027 [4]. - Earnings per share (EPS) are expected to rise from 0.43 yuan in 2023 to 0.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 29.09 in 2024 and decreasing to 19.76 by 2027 [4][11].