机器人：三大零部件布局，第二曲线全面发力：公司从2024 年起将机器人零部件作为第二主业方向， 主要为机器人金属外壳压铸、行星滚柱丝杠与机器人电机三个方面。2025 年公司滚柱丝杠新专利攻克 行业难题，降低振动噪音、制造难度及生产成本，有利于机器人和新能源汽车领域的大规模量产。 投资建议：公司汽车业务外延发展，机器人全面发力。我们预计公司2025-2027 年实现营业收入 30.50/40.55/44.65 亿元，归母净利润2.2/3.0/3.6 亿元。对应PE 分别为41/30/25 倍，首次覆盖，给予"买 入"评级。 由汽车压铸向外延伸，切入机器人赛道：公司是国内领先的汽车精密压铸件生产企业之一，主要产品包 括汽车转向系统、传动系统等铝合金精密压铸件。 公司2022 年以来收入利润连续增长，2025 年前三季度营业收入同比增长19%，归母净利润同比增长 17%。公司近年来由汽车压铸向外拓展，并切入机器人赛道。2022 年公司收购力准机械53%股权，业务 拓展到非标智能制造装备。2025 年4 月公司与润孚动力成立合资公司，专业生产机器人和汽车的行星滚 柱丝杠。2025 年9 月公司购买中山澳多51%股权， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.6 CNY, based on a comparable company PE average valuation of 54 times for 2025 [3][6]. Core Insights - The company is expected to achieve stable profit growth, with projected net profits for 2025, 2026, and 2027 at 254 million, 322 million, and 402 million CNY respectively, reflecting a year-on-year growth of 55.3%, 26.8%, and 24.9% [3][10]. - The company has made significant progress in its robotics business, establishing a comprehensive layout that includes metal shells, lead screws, and motors, which are expected to create a dual main business model of "automobiles + robotics" [10]. - The acquisition of a 51% stake in Zhongshan Aoduo is anticipated to enhance the company's profitability and create synergies, with expected net profits of 45 million, 55 million, 60 million, and 60 million CNY from 2025 to 2028 [10]. Financial Summary - The company's revenue is projected to grow from 2,020 million CNY in 2023 to 4,032 million CNY in 2027, with year-on-year growth rates of 30.7%, 16.4%, 22.8%, 17.8%, and 18.5% [5][11]. - Operating profit is expected to increase from 157 million CNY in 2023 to 470 million CNY in 2027, with significant growth rates of 3.7%, 28.3%, 46.6%, 27.1%, and 25.1% [5][11]. - The gross margin is projected to improve from 21.8% in 2023 to 25.2% in 2027, while the net margin is expected to rise from 7.2% to 10.0% over the same period [5][11].