科瑞技术：先进制造跨行业应用龙头，“3+N”战略布局把握智能制造浪潮-20260124

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [62]. Core Insights - The company, Kory Technology, is a leader in advanced manufacturing with a focus on cross-industry applications, having evolved from its initial focus on hard disk automation to a global supplier of industrial automation equipment and smart manufacturing solutions [3][4]. - The company's revenue is projected to decline by 14.34% to 2.448 billion yuan in 2024 due to industry cycles, but a recovery is anticipated in 2025 with a slight growth of 0.22% in the first three quarters [3][14]. - The company's gross margin has consistently remained around 35%, indicating strong profitability support [3][14]. Summary by Sections 1. Company Overview - Kory Technology was established in 2001 and has expanded its business into various sectors including mobile terminals, new energy, automotive, and logistics [3][4]. - The company's main business strategy is centered around the "3+N" framework, with three core business areas: mobile terminals, new energy, and precision components, which together accounted for 81.32% of revenue in 2024 [3][18]. 2. Mobile Terminal Business - The mobile terminal sector is expected to benefit from the rapid growth of the AI market, with a projected CAGR of 39.6% from 2025 to 2029 [4][32]. - Kory Technology has established strong partnerships with major clients such as Apple, Google, and Huawei, positioning itself as a leading supplier of testing equipment for mobile devices [38]. 3. New Energy Business - The demand for lithium batteries is expected to grow significantly, with global shipments projected to reach 6012.3 GWh by 2030 [42]. - The company focuses on mid-to-late stage equipment for lithium battery manufacturing, collaborating with leading firms like CATL and EVE Energy [49]. 4. Precision Components Business - Kory Technology's precision components are positioned in the mid-to-high-end market, with applications across various sectors including hard drives and medical devices [55]. - In the first half of 2025, this segment achieved a revenue of 2.33 billion yuan, representing a year-on-year growth of 31.78% [55]. 5. "N" Business Segment - The company is expanding into high-potential areas such as semiconductors and medical technology, benefiting from the acceleration of domestic substitution [59]. - Kory Technology provides ultra-precision components for semiconductor equipment, with capabilities reaching up to 50nm [59].