津上机床中国（01651）：首次覆盖报告：车床领先企业，积极布局AI液冷及人形机器人领域

Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company is a leading player in the precision machine tool industry, experiencing rapid growth and actively expanding into emerging fields such as AI liquid cooling and humanoid robotics [2][12]. - Revenue projections for FY2026E to FY2028E are estimated at HKD 51.82 billion, HKD 58.23 billion, and HKD 65.62 billion, respectively, while net profits for FY2025E to FY2027E are projected at HKD 10.18 billion, HKD 11.08 billion, and HKD 12.63 billion [12]. - The company has a strong focus on high-end CNC machine tools, including precision lathes, machining centers, and grinding machines, which are widely used in high-precision processing fields such as automotive and 3C [12]. Financial Summary - Total revenue is projected to be HKD 3,119.67 million for 2024A, increasing to HKD 6,562.20 million by 2028E, reflecting a growth rate of 12.7% in 2028E [4]. - Gross profit is expected to rise from HKD 895.54 million in 2024A to HKD 2,270.52 million in 2028E, with a gross margin of 34.6% maintained from 2026E onwards [4][12]. - Net profit is forecasted to grow from HKD 479.97 million in 2024A to HKD 1,262.99 million in 2028E, with a net profit margin of 19.25% in 2028E [4][12]. Market Position and Growth Drivers - The company has seen a significant increase in orders related to AI liquid cooling connectors, indicating strong demand in this sector [12]. - The humanoid robotics business is accelerating, driven by the growing need for small precision components as autonomous driving and AI applications expand [12]. - The company has successfully signed equipment orders with numerous clients, enhancing its market competitiveness and product cost-effectiveness [12].