爱建证券研报指出，铁流股份估值低于可比公司均值，汽车传动系统业务稳固，新能源车电机轴等高精 密零部件制造业务即将起量，且积极布局切入机器人赛道，首次覆盖，给予"买入"评级。公司处于汽车 零部件行业，主业涵盖汽车传动系统（离合器、液压轴承、液力变矩器、刹车片等）、高精密零部件制 造（发动机高压共轨系统喷油器、新能源车电机轴等）、商用车全车件智慧服务三大板块。当前汽车产 业电动智能化正在加速，并向以人形机器人为代表的具身智能延伸，高精密零部件或将由此成为核心刚 需，成长空间广阔。此外，公司旗下两大商用车全车件供应链企业运通四方和国联汽配运用线上中配汽 车服务平台，全面打造商用车后市场零配件供应链平台经济新模式，或逐步形成新的增长点。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company is positioned in the automotive parts industry, focusing on three main segments: automotive transmission systems, high-precision component manufacturing, and smart service for commercial vehicle parts. The ongoing transition towards electric and intelligent vehicles is expected to drive demand for high-precision components, presenting significant growth opportunities [5]. - The company has established a partnership with the Hart Robotics Research Institute to develop key components for robotics, indicating a strategic move into the robotics sector. This initiative is expected to leverage the company's existing capabilities in precision manufacturing [5]. - Financial projections indicate steady revenue growth, with total revenue expected to increase from 2,200 million yuan in 2023 to 3,225 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.3% [4][16]. Financial Data and Profit Forecast - Total revenue forecast for 2023 is 2,200 million yuan, with a year-on-year growth rate of 4.9%. By 2027, revenue is projected to reach 3,225 million yuan, with a CAGR of 14.3% [4][16]. - The company's net profit attributable to shareholders is expected to grow from 98 million yuan in 2023 to 191 million yuan by 2027, with a notable increase of 20.9% in 2025 [4][16]. - The earnings per share (EPS) is projected to rise from 0.42 yuan in 2023 to 0.81 yuan in 2027, indicating a positive trend in profitability [4][16]. Business Segments and Growth Drivers - The automotive transmission system segment is expected to maintain a stable growth trajectory, with revenue growth rates projected at 9% in 2025 and 14% in 2027 [5]. - The high-precision component manufacturing segment, particularly in electric vehicle motor shafts, is anticipated to experience significant growth, with revenue growth rates of 10% in 2025 and 25% in 2027 [5]. - The smart service for commercial vehicle parts is also expected to contribute to revenue, with a projected growth rate of 3% in 2025 and 13% in 2027 [5]. Valuation Metrics - The company's price-to-earnings (PE) ratio is forecasted to decrease from 37.4 in 2023 to 19.8 by 2027, suggesting an attractive valuation compared to industry peers [4][15]. - The report highlights that the company's valuation is below the average of comparable companies, indicating potential for upward price movement [5].