Beijing JCZ Technology (SH:688291) Guotou Securities·2026-01-23 08:49Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.97 CNY within six months [6][9]. Core Insights - The company, Jin Chengzi, is a leading player in the laser control system sector, focusing on both horizontal and vertical business expansion. It has over 20 years of experience in the laser industry and aims to strengthen its position through continuous innovation and strategic acquisitions [1][17]. - The company is actively developing its 3D printing business and plans to acquire Samit, a unicorn company, to enhance its capabilities in fast-reflecting mirrors, which are crucial for future industries such as aerospace and quantum communication [4][39]. - The market for 3D printing is rapidly expanding, with significant growth expected in industrial applications, particularly in aerospace and consumer sectors. The importance of control systems in this market is increasing, positioning Jin Chengzi for future growth [3][41]. Summary by Sections 1. Company Overview - Jin Chengzi specializes in laser processing control systems, which serve as the "brain" of equipment, integrating modeling, path planning, and execution control [2][45]. - The company has a comprehensive product line that includes software, controllers, and galvanometers, serving over a thousand clients across various industries such as consumer electronics, new energy, semiconductors, automotive, and pharmaceuticals [2][24]. 2. 3D Printing and Future Prospects - The 3D printing market is projected to grow from billions to hundreds of billions, with Jin Chengzi's control systems expected to play a significant role in this transformation [3][41]. - The company has been investing in 3D printing technology since 2014 and has developed high-precision galvanometers that meet international standards, enhancing its competitive edge in this field [43][44]. 3. Strategic Acquisitions - The planned acquisition of Samit aims to strengthen the company's fast-reflecting mirror capabilities, which are essential for applications in commercial aerospace and quantum communication [4][39]. - This acquisition is expected to complement Jin Chengzi's existing product lines and expand its market reach into high-growth sectors [4][39]. 4. Financial Performance and Projections - The company has maintained stable revenue growth, with projected revenues of 2.61 billion CNY in 2025, 3.26 billion CNY in 2026, and 4.17 billion CNY in 2027, alongside net profits of 0.48 billion CNY, 0.73 billion CNY, and 1.05 billion CNY respectively [9][11]. - The gross margin for the core business remains high, around 70%, indicating strong profitability and effective cost management [29][30].