Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][9]. Core Views - The company has demonstrated rapid revenue growth, achieving 1.79 billion yuan in revenue for 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% year-on-year [2][9]. - For Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, with a net profit of 108 million yuan, reflecting a 25.2% year-on-year growth [2][9]. - The company is expanding its industrial chain and downstream applications, leveraging the digital transformation in traditional industries [2][9]. Financial Performance Summary - In 2024, the company achieved a gross margin of 44.95%, a slight decrease of 1.59 percentage points year-on-year [8]. - The revenue from digital printing equipment, ink, and automation sewing equipment grew significantly, with digital printing equipment revenue reaching 905 million yuan, up 47.84% year-on-year [8]. - The company’s net profit margin for 2024 was 23.15%, down 2.7 percentage points year-on-year [8]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 2.335 billion yuan, 2.978 billion yuan, and 3.616 billion yuan, representing year-on-year growth rates of 30.4%, 27.5%, and 21.4% respectively [9][10]. - The net profit forecast for the same period is set at 530 million yuan, 679 million yuan, and 824 million yuan, with growth rates of 27.9%, 28.1%, and 21.4% respectively [9][10]. Valuation - The target price for the company is set at 79.73 yuan, based on a 27 times price-to-earnings ratio for 2025 [4][9].

Group 1: Market Overview - The mechanical equipment index experienced a rise of +2.44% during the week of April 21-25, 2025, driven by technological innovations in humanoid robots and a rebound in engineering machinery sales, alongside a strengthened demand for self-sufficient semiconductor equipment [1] Group 2: Investment Recommendations - Recommended companies in the humanoid robot sector include Hengli Hydraulic, Best, Changsheng Bearing, Zhaowei Electromechanical, Mingzhi Electric, Jiechang Drive, Manstech, Donghua Testing, Landai Technology (automotive group), Shuanghuan Transmission, Top Group (automotive group), and Sanhua Intelligent Control (home appliance group) [2] - In the engineering machinery sector, recommended companies are Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion [2] - For gas equipment, Hangyang Co., Ltd. is recommended; for machine tools, Yizhiming is suggested; and for 3C equipment, Opto, Bozhong Precision, and Quick Intelligent are recommended [2] Group 3: Humanoid Robot Developments - Tesla's Optimus is projected to reach a production volume of one million units by 2029 or 2030, with several thousand units expected to be operational in Tesla factories by the end of 2025 [3] - Domestic humanoid robots are advancing rapidly, with Xiaopeng's humanoid robot IRON showcasing impressive capabilities at the Shanghai Auto Show, including over 60 joints and the ability to mimic human postures [3] - The Kepler Bumblebee robot K2 demonstrated its ability to replace 1.5 workers in an industrial setting, with performance metrics such as "1-hour charging for 8 hours of operation" and a "30kg dual-arm load" [3] Group 4: Flying Cars and Low-altitude Economy - Xiaopeng Huitian has received approximately 4,000 orders for its split-type flying car since its first flight in November 2024, indicating strong demand [4] - EHang's EH216 series of unmanned aerial vehicles sold and delivered 216 units in 2024, with over 1,000 intention orders currently on hand, primarily from tourism and transportation sectors [4] - The low-altitude economy is expected to evolve from cargo to passenger transport, following a progressive strategy from closed pilot areas to open airspace [4] Group 5: Digital Printing Industry Trends - The demand for digital printing is responding quickly, enabling a "small batch, quick response, and diverse changes" supply chain for fast fashion [5] - The cost of digital printing processing is declining, enhancing its cost-effectiveness, while stricter environmental policies are pushing dyeing factories towards digital production models [5] - New installations of digital printing equipment are expected to maintain a growth rate of 20%-25% annually, with an increasing share of direct-to-garment printing equipment in the installation structure [5]