Core Viewpoint - Eagle Precision is recognized as a top 10 global manufacturer of high-precision, complex, and high-performance castings and machined components, with a strong focus on overseas markets and a commitment to shareholder returns through dividends [1][2]. Group 1: Company Overview - Established in 1998 in Wuxi, China, Eagle Precision moved its headquarters to Hong Kong in 2011, providing a comprehensive range of services including R&D, mold design and manufacturing, casting, heat treatment, secondary machining, and surface treatment [2]. - The company is positioned among the top 10 global manufacturers in its sector, emphasizing its capabilities in high-precision and complex components [2]. Group 2: Global Capacity and Production - As of the end of 2024, the company operates 21 factories across China, Turkey, Germany, Czech Republic, and Mexico, with the Mexican facility gradually ramping up production to support North American orders [3]. - The proximity of the Mexican factory allows the company to benefit from USMCA tariff advantages for exports to the US and Canada, contributing to long-term performance growth [3]. Group 3: Revenue and Market Presence - The company has a high proportion of overseas revenue, with 47.3% of its income coming from the Americas (40.8% from the US), 29.9% from Europe, and 22.8% from Asia (20.7% from China) as of the first half of 2025 [4]. - Eagle Precision serves over 1,000 clients globally, including major corporations like Bosch, Caterpillar, Cummins, Honeywell, and Parker Hannifin, indicating strong market penetration and customer loyalty [4]. Group 4: Industry Demand and Growth Potential - The company's products cater to various industries, including high-horsepower engines, construction machinery, agricultural machinery, recreational boats, passenger vehicles, commercial vehicles, aerospace, energy, and medical sectors, with a notable demand increase in high-horsepower engines and robotics [5]. - In the first half of 2025, revenue from high-horsepower engine-related business grew by 48.3% year-on-year to 530 million yuan, accounting for 21.8% of total revenue [5]. - The company is also entering the supply chain for Da Vinci surgical robots and is in discussions with overseas humanoid robot companies, enhancing its long-term growth prospects [5].

Core Viewpoint - Eagle Precision is recognized as a top 10 global manufacturer of high-precision, high-complexity, and high-performance castings and machined components, with a strong focus on overseas markets and a commitment to shareholder returns through dividends [1][2]. Group 1: Company Overview - Established in 1998 in Wuxi, China, Eagle Precision moved its headquarters to Hong Kong in 2011, providing a comprehensive range of services including R&D, mold design and manufacturing, casting, heat treatment, secondary machining, and surface treatment [2]. - The company has a global production capacity with 21 factories located in China, Turkey, Germany, Czech Republic, and Mexico, with the Mexican facility gradually ramping up production to support North American orders [3]. Group 2: Financial Performance and Projections - Eagle Precision's projected net profits for the years 2025 to 2027 are estimated at HKD 721 million, HKD 828 million, and HKD 931 million, reflecting year-on-year growth rates of 11.9%, 14.9%, and 12.4% respectively, with corresponding price-to-earnings ratios of 9.8x, 8.5x, and 7.6x [1]. Group 3: Market Position and Customer Base - The company has a high overseas revenue share, with 47.3% of its income coming from the Americas (40.8% from the U.S.), 29.9% from Europe, and 22.8% from Asia (20.7% from China) as of the first half of 2025 [4]. - Eagle Precision serves over 1,000 customers across more than 30 countries, including major corporations like Bosch, Caterpillar, Cummins, Honeywell, and Parker Hannifin, benefiting from strong pricing power due to the low cost share of its components in end products [4]. Group 4: Industry Demand and Growth Potential - The company's products cater to various industries, including high-horsepower engines, construction machinery, agricultural machinery, recreational boats, passenger vehicles, commercial vehicles, aerospace, energy, and medical sectors, with significant growth in high-margin segments like high-horsepower engines and robotics [5]. - In the first half of 2025, revenue from high-horsepower engine-related business increased by 48.3% year-on-year to HKD 530 million, accounting for 21.8% of total revenue, indicating strong demand in this segment [5].

Core Insights - The company achieved steady growth in its operations through initiatives focused on enhancing new productivity for intelligent manufacturing and improving management capabilities to reduce costs and increase efficiency [1] - In the first half of 2025, the company reported revenue of 527 million RMB, a year-on-year increase of 2.71%, and a net profit of 66 million RMB, showing a slight decline compared to the previous year; however, the net profit excluding non-recurring items grew by 9.04% to 55 million RMB [1] - The company is committed to returning value to its investors, proposing a cash dividend of 3.50 RMB per 10 shares, totaling 30.76 million RMB to be distributed to shareholders [1] Financial Performance - Revenue from continuous cast iron parts and hydraulic equipment reached 175 million RMB and 181 million RMB respectively, with year-on-year growth of 8.35% and 1.60%; air compressor parts generated 109 million RMB in revenue [1] - Research and development investment amounted to 19.73 million RMB, reflecting a year-on-year increase of 21.95% [2] Strategic Initiatives - The company is focusing on a business model that combines efficient production capacity with market expansion, targeting high-potential clients in the robotics industry and optimizing resource allocation [2] - Strategic partnerships with clients like Beijing Zhihong and Zhiyuan Robotics are enhancing the company's supply chain capabilities and extending its involvement in the core components of humanoid robots [2] - The company is establishing an industrial fund to invest in the humanoid robotics sector, facilitating collaboration on key materials and precision processing technologies [2] Market Position - The company is well-positioned in the core components market for humanoid robots, with products like RV reducers and planetary gear seats certified by leading manufacturers, indicating significant growth potential in the future [3]

Core Insights - In 2024, Henggong Precision (301261.SZ) continues to focus on technology and market orientation, driving breakthroughs and applications in high-end equipment components [1] - The company reported a revenue of 1.033 billion yuan in 2024, representing a year-on-year growth of 16.91% [2] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 21.9725 million yuan [3] Revenue Growth - The revenue for the fourth quarter increased by 21.90% quarter-on-quarter to 286 million yuan, indicating a recovery in market demand [2] - Revenue from hydraulic equipment components grew by over 30%, with continuous casting iron and hydraulic equipment generating revenues of 338 million yuan and 341 million yuan, respectively, reflecting growth rates of 2.03% and 31.73% [4] - The transmission components revenue surged by 70.02% to 26 million yuan, while air compression components contributed 227 million yuan [4] Strategic Focus - Henggong Precision is actively developing its robot core components business, which is seen as a strategic direction for future growth [5] - The company has established partnerships with strategic clients to enhance its product offerings in the humanoid robot sector, focusing on high-value components such as RV and harmonic reducer parts [5][6] - The company is committed to increasing its R&D investment, which reached approximately 38.66 million yuan, a 30.78% increase from the previous year [7] Market Position - Henggong Precision holds a 63% market share in the domestic market for continuous casting iron products, ranking first, and a 19% share globally, ranking second [2] - The company is leveraging the "Belt and Road" initiative to enhance international cooperation and market development [4] Future Outlook - The company plans to continue expanding its production capacity for new energy vehicle components and robot structural parts, seeking new business growth points [8] - By 2025, Henggong Precision aims to enhance the proportion of precision machining core components and build a comprehensive service platform for customers [7]

首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创 业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 河北恒工精密装备股份有限公司 （Hengong Precision Equipment Co., Ltd.） 河北省邯郸市成安县商城镇工业园区 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 河北恒工精密装备股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行 后因发行人经营与收益变化 ...

具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创 业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 河北恒工精密装备股份有限公司 （Hengong Precision Equipment Co., Ltd.） 河北省邯郸市成安县商城镇工业园区 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 正式公告的招股说明书作为投资决定的依据。 河北恒工精密装备股份有限公司 招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。 ...

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创 业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 河北恒工精密装备股份有限公司 （Hengong Precision Equipment Co., Ltd.） 河北省邯郸市成安县商城镇工业园区 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 正式公告的招股说明书作为投资决定的依据。 河北恒工精密装备股份有限公司 招股说明书（注册稿） 声明 1-1-2 河北恒工精密装备股份有限公司 招股说明书(注册稿) 录 目 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 ...