Core Viewpoint - The company is a leader in the domestic heat treatment industry and is divesting its tax services business to focus on its core operations. Established in 1988, it was one of the first manufacturers of specialized heat treatment equipment in China. In 2016, the company completed a major asset restructuring project, transitioning from a single heat treatment business to a dual-track development model of "internet tax services + heat treatment equipment manufacturing and services." By 2024, the company will complete the divestiture of its tax services business and fully concentrate on its heat treatment core business [1]. Industry Overview - Heat treatment is one of the four fundamental processes in the equipment manufacturing industry. It involves heating, holding, and cooling metal materials or workpieces to alter their internal structure and achieve desired properties. This process is widely used in various sectors, including automotive, motorcycle parts, machinery components (such as bearings, molds, fasteners), aerospace components, engineering machinery parts, new energy components, and machine tool components. The global heat treatment market reached a size of $105.4 billion in 2023, while the Chinese heat treatment market was approximately 113.7 billion yuan [1]. Emerging Opportunities - The rapid development of the humanoid robot industry is expected to generate new demand for heat treatment. Key components of humanoid robots, such as motors, reducers, and screws, require various heat treatment processes, including quenching, spheroidizing annealing, high-temperature aging, surface heat treatment, and stabilization heat treatment. The heat treatment equipment involved includes pit resistance furnaces, box resistance furnaces, and induction hardening machines. The growth of the humanoid robot industry is anticipated to drive a significant increase in demand for heat treatment services [2]. Company Strengths - The company has outstanding technical capabilities and has established extensive cooperative relationships with well-known clients. It is the only enterprise in the Chinese heat treatment industry to have won both the "National Manufacturing Single Champion Demonstration Enterprise" and the "National Science and Technology Progress Second Prize." With advanced manufacturing technology, a diverse product line, and a strong ability to respond quickly to customer needs, the company has built a large and high-quality customer base, including Schaeffler, NSK, SKF, and THK [2]. Financial Projections - The company is expected to achieve total revenues of 998 million yuan, 1.127 billion yuan, and 1.296 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of -21.2%, 13.0%, and 15.0%. The net profit attributable to the parent company is projected to be 91 million yuan, 127 million yuan, and 173 million yuan for the same years, with corresponding EPS of 0.12 yuan, 0.16 yuan, and 0.22 yuan. Based on the closing price on August 20, the PE ratios are expected to be 89.58, 64.54, and 47.19 times. As a leading enterprise in the heat treatment industry, the company is expected to benefit from the rising demand for heat treatment in emerging sectors like humanoid robots, leading to a "buy" rating [3].

全球与中国托盘热处理设备市场现状调查及竞争格局分析报告2025~2031年 【全新修订】：2025年7月 1.2 按照不同产品类型，托盘热处理设备主要可以分为如下几个类别 1.2.1 全球不同产品类型托盘热处理设备销售额增长趋势2020 VS 2024 VS 2031 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 托盘热处理设备市场概述 1.1 产品定义及统计范围 1.2.2 电加热型 1.2.3 燃气加热型 1.2.4 热风循环型 1.3 从不同应用，托盘热处理设备主要包括如下几个方面 1.3.1 全球不同应用托盘热处理设备销售额增长趋势2020 VS 2024 VS 2031 1.3.2 物流与出口包装 1.3.3 食品与饮料行业 1.3.4 农业与林业 1.3.5 其他 1.4 托盘热处理设备行业背景、发展历史、现状及趋势 1.4.1 托盘热处理设备行业目前现状分析 1.4.2 托盘热处理设备发展趋势 2 全球托盘热处理设备总体规模分析 2.4 全球托盘热处理设备销量及销售额 2.1 全 ...

Core Insights - The company reported a revenue of 1.266 billion yuan in 2024, representing a year-on-year growth of 5.14%, while the net profit attributable to shareholders was a loss of 9.1609 million yuan, reducing losses by 89.13% compared to the previous year [1] - Despite revenue growth, the company remains in a loss position, indicating the need for further optimization in business expansion and cost control [1] Financial Performance - The company achieved a significant improvement in operating cash flow, with a net cash flow of 61.69 million yuan, a year-on-year increase of 2382.6% [6] - Although there was an increase in revenue and gross profit, the company still faces challenges in achieving profitability, necessitating further optimization of its financial performance [6] Business Segments Heat Treatment Business - The heat treatment segment maintained a leading position in 2024, driven by technological innovation and high-end equipment manufacturing [4] - The company introduced key equipment such as mesh belt furnaces and nitriding furnaces, enhancing its service capacity and application in emerging sectors like new energy vehicles and wind power [4] - Despite progress, the company faces intense market competition and must continue investing in R&D to maintain its technological edge [4] Digitalization Business - The digitalization segment underwent strategic adjustments, focusing on the heat treatment business and reducing reliance on the digital sector [5] - The company actively participated in the "Golden Tax Phase IV" project, supporting the rollout of a unified electronic tax bureau across the country [5] - While initial results from the digital business adjustments are promising, the company needs to expand its market share and improve profitability in this area [5]