东方精工（002611）：首次覆盖报告：全球瓦楞纸装备龙头，积极布局新兴产业

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a global leader in corrugated paper equipment with a market share of approximately 15%, ranking first in China and among the top two globally. It is actively expanding into emerging industries, particularly in water propulsion equipment and sectors related to "artificial intelligence + robotics" and "controlled nuclear fusion and high-end nuclear power equipment" [4][10]. - The report anticipates revenue growth for 2025E, 2026E, and 2027E to be 53.72 billion, 59.74 billion, and 67.58 billion RMB, respectively, with year-on-year growth rates of 12.4%, 11.2%, and 13.1%. The net profit attributable to the parent company is expected to reach 7.01 billion, 8.42 billion, and 10.31 billion RMB for the same years, reflecting growth rates of 40.0%, 20.0%, and 22.5% [4][22]. Financial Data and Profit Forecast - Total revenue (in million RMB) is projected as follows: - 2023: 4,746 - 2024: 4,778 - 2025E: 5,372 - 2026E: 5,974 - 2027E: 6,758 - Year-on-year growth rates are expected to be 21.9%, 0.7%, 12.4%, 11.2%, and 13.1% respectively [2]. - Net profit attributable to the parent company (in million RMB) is forecasted as: - 2023: 433 - 2024: 501 - 2025E: 701 - 2026E: 842 - 2027E: 1,031 - Year-on-year growth rates for net profit are projected at -3.1%, 15.5%, 40.0%, 20.0%, and 22.5% [2][22]. Business Segments and Industry Context - The company operates in several strategic emerging industries, including: - Marine equipment manufacturing, focusing on water propulsion devices such as outboard motors, which are widely used in recreational boating, fishing, and emergency rescue [9]. - Intelligent manufacturing equipment, including corrugated board production lines and digital printing equipment, which are essential for the packaging industry [9]. - The global market for corrugated packaging equipment is estimated to be around 30-40 billion RMB, with a high concentration of market share [4][10]. - The report highlights the company's strategic investments in robotics and nuclear power sectors, indicating a shift from traditional equipment to high-end manufacturing [4][10].