KAIYUAN SECURITIES·2026-02-05 04:10Investment Rating - The report assigns an "Accumulate" rating for the company [1]. Core Insights - The company focuses on high-precision intelligent dispensing equipment and has established a strong position in the supply chain for Apple products, while also expanding into new applications such as Meta AI glasses and semiconductors [3][5]. - The global dispensing machine market is expected to reach USD 10.68 billion by 2028, indicating significant growth potential in downstream applications [4]. - The company reported a net profit of CNY 40.69 million in Q1-Q3 2025, representing a year-on-year increase of 366.01% [3]. Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2025E: CNY 3.34 billion (up 167.1% YoY) - 2026E: CNY 3.79 billion (up 13.5% YoY) - 2027E: CNY 4.22 billion (up 11.2% YoY) [7]. - Net profit forecasts are: - 2025E: CNY 530 million - 2026E: CNY 620 million - 2027E: CNY 720 million [3]. - The company's EPS for the next three years is projected to be CNY 0.65, CNY 0.76, and CNY 0.88, with corresponding PE ratios of 59.7, 51.3, and 44.0 [3][7]. Market Position and Competitive Advantage - The company has developed its dispensing valve products to achieve industry-leading performance in consistency error and operational frequency, surpassing competitors like Nordson and Musashi [29][30]. - The company has established stable partnerships with major EMS manufacturers and equipment integrators in the Apple supply chain, enhancing its market position [47][49]. - The company has successfully entered the supply chain of CATL and obtained vendor codes from Samsung Electronics, further strengthening its competitive edge [5].