Core Insights - In 2024, the leading domestic heat treatment company, Jincai Hulian, successfully completed the strategic divestiture of its tax business, fully returning to its core heat treatment operations, optimizing its business structure and resource allocation [1] - The global heat treatment market reached a size of $105.4 billion in 2023, with the Chinese market growing to approximately 113.7 billion RMB, reflecting a robust annual compound growth rate of 8.2% over the past five years [1] - The rapid development of the humanoid robot industry is injecting new growth momentum into the heat treatment sector, as it requires high precision and durability for core components, which heat treatment ensures [2] Company Developments - Jincai Hulian is recognized as a benchmark enterprise in the industry, holding the unique distinction of being the only company in the heat treatment sector to receive both the "National Manufacturing Single Champion Demonstration Enterprise" and the "National Science and Technology Progress Second Prize" [3] - The company has developed the new BBH series vacuum-controlled atmosphere carburizing quenching furnace, which enhances carburizing quality and production efficiency, showcasing the forefront of technological development in the industry [3] - Following the divestiture of non-core businesses, Jincai Hulian is leveraging its technological advantages and market demand to steadily advance in the trillion-level heat treatment market [4] Market Outlook - Professional institutions hold a positive view on the company's future development, with projections indicating that Jincai Hulian's operating revenue will reach 998 million RMB, 1.127 billion RMB, and 1.296 billion RMB from 2025 to 2027, alongside a continuous increase in net profit attributable to the parent company [3] - The company has established stable partnerships with renowned domestic and international enterprises, covering high-growth sectors such as new energy and robotics, supported by a strong technical foundation [3]