津上机床中国：车床领先企业，积极布局AI液冷及人形机器人领域-20260121

Investment Rating - The report assigns a rating of "Buy" for the company [5][12]. Core Insights - The company is a leading player in precision machine tools, 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, with net profits for FY2025E to FY2027E expected to be 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 36.6% in 2025A and 21.6% in 2026E [4][12]. - 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% in 2026E [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 20.1% in 2026E [4][12]. Market Position and Growth Potential - The company has secured a significant number of orders in the AI liquid cooling sector, which is expected to support future revenue growth [12]. - The humanoid robotics business is also accelerating, with increasing demand for small precision components driven by advancements in autonomous driving and AI applications [12]. - The company has established a competitive edge in the market through cost reduction and efficiency improvement measures, enhancing product value and market competitiveness [12].