HFM(SH:603011) NORTHEAST SECURITIES·2025-12-22 05:54Investment Rating - The report assigns an "Accumulate" rating for the company, considering the growth potential of the nuclear fusion industry and the market capitalization of comparable companies [3]. Core Insights - The company is a leading manufacturer of forming machine tools in China, focusing on high-end forming machine tools and intelligent sorting equipment, with applications across various sectors including automotive, aerospace, defense, smart home appliances, shipping, rail transportation, new materials, and electronics [1][2]. - The company is actively positioning itself in the nuclear fusion industry, having established the Fusion Industry Alliance and made significant progress in manufacturing core components such as fusion reactors and vacuum chambers [2]. - The introduction of deep learning technology in optical sorting markets has led to product upgrades, enhancing imaging and software capabilities, particularly in the rice and plastic sectors [3]. Financial Summary - The company's projected revenues for 2023A to 2027E are as follows: 1,766 million, 2,074 million, 2,348 million, 2,669 million, and 3,122 million, reflecting a growth rate of 1.85%, 17.43%, 13.17%, 13.68%, and 16.97% respectively [4]. - The net profit attributable to the parent company is expected to be 17 million in 2023A, -89 million in 2024A, -42 million in 2025E, 89 million in 2026E, and 227 million in 2027E, indicating a significant recovery in profitability by 2026 [4]. - The earnings per share (EPS) is projected to be 0.03 in 2023A, -0.18 in 2024A, -0.09 in 2025E, 0.18 in 2026E, and 0.46 in 2027E [4]. Market Data - As of December 19, 2025, the company's closing price was 22.73, with a market capitalization of approximately 11,238.04 million [6]. - The stock has shown strong performance with absolute returns of 11% over 1 month, 34% over 3 months, and 202% over 12 months [9].