Investment Rating - The report assigns a "Hold" rating to the company, indicating a cautious outlook on its stock performance [6]. Core Viewpoints - The company, Zhejiang Kunbo Precision Technology Co., Ltd., specializes in high-end precision forming components and single crystal silicon growth vacuum furnace bodies, serving industries such as wind power, industrial automation, marine engineering, and semiconductor processing [3][18]. - The company's revenue has shown significant growth, with an average annual growth rate of 43.93% from 2020 to 2022, and a projected revenue increase of 38.59% for 2023 [12][29]. - The profitability metrics, including gross and net profit margins, are on a declining trend due to the increasing revenue share from lower-margin single crystal silicon growth furnace body business [12][13]. Summary by Sections Company Overview - Zhejiang Kunbo Precision Technology Co., Ltd. was established in 2007 and listed on the Beijing Stock Exchange in 2023, focusing on high-end precision components and vacuum furnace bodies for the photovoltaic industry [3][6]. Main Business - The company primarily provides precision components for wind power, marine engineering, and semiconductor equipment, along with complete furnace bodies for photovoltaic-grade single crystal silicon growth [7][18]. Financial Performance - The company has experienced continuous revenue and net profit growth, with a projected net profit increase of 67.70% for 2023 [12][29]. - R&D investment has been increasing, with 21 invention patents and 18 utility model patents obtained by mid-2023 [32]. Industry Analysis - The global photovoltaic industry is rapidly expanding, with new installed capacity growing from 30.2 GW in 2011 to 230 GW in 2022, indicating a compound annual growth rate of 20.27% [22]. - The demand for single crystal silicon growth furnaces is expected to reach 38,299 units by 2027, driven by the growth in photovoltaic installations [53]. Competitor Comparison - The company is compared with peers such as Rihua Shares and Jixin Technology, with varying market capitalizations and revenue growth rates [46].
北交所个股研究系列报告：高端装备精密成型零部件供应商