Investment Rating - The report assigns a "Buy" rating to the company, with expected revenue and net profit growth from 2025 to 2027 [2][25]. Core Views - The company is a leader in powder metallurgy, actively expanding into robotics applications, with a projected revenue of 60.16 billion, 66.66 billion, and 78.36 billion yuan for 2025, 2026, and 2027 respectively [2][8]. - The company has developed three major technology platforms: PS, MIM, and SMC, which are expected to drive future growth [8][10]. - The company is exploring applications of powder metallurgy components in robotics, with successful development of several prototypes [18][22]. Summary by Sections Financial Performance - The company has shown steady growth in revenue and net profit, with a CAGR of 12.72% and 148.09% from 2021 to 2024 [12][14]. - In Q1 2025, revenue and net profit increased by 32.41% and 37.61% year-on-year [12][18]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.96, 1.20, and 1.42 yuan respectively [2][29]. Business Segments - The revenue from the three technology platforms reached historical highs in 2024, with MIM's revenue growing by 92.19% year-on-year, increasing its share to 38.21% of total revenue [14][19]. - The gross margins for PS, MIM, and SMC were 23.99%, 24.07%, and 21.53% respectively in 2024, indicating stable profitability [16][35]. Robotics Applications - The company has developed liquid metal flexible wheel products for robotic harmonic reducers, which have shown promising performance in initial tests [18][22]. - The company is also producing surgical robots and minimally invasive surgical electric staplers, being a preferred supplier for major international surgical robot companies [18][22]. - The company holds a 22% stake in a joint venture, focusing on axial flux motors, which are advantageous for humanoid robots and drones due to their compact size and high efficiency [22][30].