Investment Rating - The report gives a "Buy" rating for the company, Hefei Zhiqiang Intelligent Equipment Co., Ltd. (合锻智能) [2][12] Core Views - The company is positioned as a leader in high-end forming machine tools and is expanding into the core equipment field of nuclear fusion, with significant long-term growth potential expected [2][7][12] Summary by Sections Company Overview - Hefei Zhiqiang specializes in high-end forming machine tools and intelligent sorting equipment, focusing on advanced manufacturing and nuclear fusion core component production [16][17] - The company has a total share capital of 494.41 million shares and a market capitalization of 135.91 billion yuan [4] Financial Analysis - The company is projected to achieve total revenue of 2,074 million yuan in 2024, with a year-on-year growth rate of 17.4% [3] - The net profit attributable to shareholders is expected to be -89 million yuan in 2024, with a significant recovery anticipated in subsequent years, reaching 220 million yuan by 2027 [3][12] - The company reported a revenue of 1.67 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 14% [7][22] Nuclear Fusion Industry - The report anticipates a capital expenditure expansion cycle in the nuclear fusion industry from 2025 to 2028, which is expected to drive order volume across the supply chain [9][28] - The total expected investment in major domestic nuclear fusion projects is estimated to reach 146 billion yuan [9][38] Competitive Advantages - The company has a significant first-mover advantage in the nuclear fusion sector, having secured contracts for key components such as the BEST vacuum chamber project, valued at 209 million yuan [10][62] - The chairman of the company also serves as the chairman of the Fusion New Energy (Anhui) Co., Ltd., enhancing its strategic positioning within the industry [19][61] Investment Recommendations - The report forecasts net profits of -0.22 billion yuan, 1.33 billion yuan, and 2.20 billion yuan for 2025, 2026, and 2027, respectively [12] - The company is expected to benefit significantly from the upcoming capital expenditure peak in the nuclear fusion sector, making it a key player in the industry [12][62]

来源：农民日报 人工智能正悄然走进育种、种植、养殖等农业生产的各个领域，重塑着农业的格局。 最近热播的电视剧《生万物》里，封二临终前把全家人召集在一起，给大家讲了"种地的事"："田是 根，地是本，打庄户的第一条就是要敬着地；猪粪肥，羊粪壮，牛粪只能当配方；三分地，七分浇，粪 是劲，水是命……"在秋分到来之际，这位种了一辈子地、执着于买地开荒的老庄稼把式，带着对土地 的深切眷恋和对丰收的向往与期待，溘然长逝。封二无疑是中国传统农民的典型代表，那些朗朗上口的 种地口诀，更是多少代庄户人摸索出来并口口相授、代代相传的耕作方式。他们虽然敬畏土地，熟知节 气，懂得庄稼的"脾气"，但祖祖辈辈仍然过着半饥半饱的日子，摆脱不了"靠天吃饭"的宿命。 假如封二能穿越到今天，看到种子在育种加速器里茁壮成长，AI大模型精准计算出播种、施肥、浇水 的最佳时间；看到无人拖拉机在一望无际的高标准农田里自动播种、收割；看到像他儿子封大脚那样的 年轻人，用手里的一部智能手机就能轻松管理田间事务，他一定会惊叹：原来种地还能这样"聪明"、这 样"不费劲儿"！ 这种种地的方法如今有了一个新名词：人工智能。8月26日，国务院印发《关于深入实施"人工智 ...

Core Viewpoint - The report from Zheshang Securities highlights that Hezhuan Intelligent focuses on high-end forming machine tools and intelligent sorting equipment, projecting a compound annual growth rate (CAGR) of 24% in revenue from 2019 to 2024, with revenue distribution in 2024 expected to be approximately 57% from color sorting machines, 29% from hydraulic machines, and 13% from mechanical presses [1] Industry Summary - The projected demand for machine tools in China for 2024 is around 1,040.7 billion yuan, with the metal forming machine tool market estimated at approximately 93 billion yuan. The market size is expected to reach between 159 billion to 196 billion yuan by 2030, indicating a CAGR of 5% to 7% over the next six years [1] - The competitive landscape is characterized by a coexistence of domestic enterprises and foreign brands, with a mix of dispersed and concentrated market dynamics. The market concentration is at a moderately low level, where leading companies have formed localized advantages but have not established absolute monopolies [1] Company Summary - The market perception is that the company's advanced manufacturing business is limited to nuclear fusion devices. However, due to its collaboration with the Shanghai Li Zhengdao Research Institute, the company is expected to participate in the construction of other large scientific devices led by the institute. This includes potential new orders for BEST or other scientific devices, new plans for fusion devices, and involvement in the research and development of new components, as controllable nuclear fusion is included in the national "14th Five-Year Plan" [1] - The report initiates coverage of the company with a "buy" rating [1]