HGTECH(000988) 申万宏源证券·2025-05-23 02:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is forming a joint venture with Luxshare Precision to enhance its capabilities in 3D printing technology, specifically in the SLM manufacturing sector [5][8] - The joint venture aims to leverage both companies' strengths in technology and innovation to meet the growing demand for high-precision, complex metal components in various industries, including consumer electronics and automotive [8] - The global manufacturing industry is increasingly shifting towards high-end and intelligent manufacturing, with 3D printing technology being a key driver of this transformation [8] - The establishment of the joint venture is expected to improve production efficiency, shorten product development cycles, and meet market demands for customized products [8] - The company maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027, expecting net profits of 1.721 billion, 2.297 billion, and 2.959 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 41.0%, 33.5%, and 28.8% [7][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 11.709 billion yuan in 2024 to 28.156 billion yuan in 2027, with a compound annual growth rate of approximately 27.8% [7][10] - The company's gross profit margin is expected to remain stable around 22% over the forecast period [7] - The return on equity (ROE) is projected to increase from 12.0% in 2024 to 18.1% in 2027, indicating improved profitability [7]