专注精密制造，谐波减速器打开成长空间

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [4][115]. Core Insights - The company, Fengguang Precision, is a leader in the precision component industry, focusing on high-precision parts processing and assembly, as well as aluminum casting. It serves various sectors including semiconductors, industrial automation, automotive, and rail transportation [2][26]. - The company has shown steady growth, with a CAGR of 11.9% in revenue and 41.1% in net profit from 2019 to 2022, driven by increasing demand for precision components in the semiconductor and industrial automation sectors. However, there was a slight decline in performance in the first three quarters of 2023 due to reduced market demand amid economic downturns [2][37]. - The precision component market is characterized by a large demand but low concentration, with the industry expected to consolidate as lower-tier manufacturers are phased out [3][60]. Summary by Sections Company Overview - Fengguang Precision specializes in high-precision parts and has received multiple quality certifications, including ISO9001 and IATF16949. The company has a strong technical foundation and has been recognized as a national-level "little giant" enterprise [26][2]. Industry Analysis - Precision components are critical in advanced manufacturing, impacting the performance and reliability of entire systems. The demand for these components is expected to grow as manufacturing technologies advance [3][44]. - The semiconductor industry is a key growth area, with China's market share increasing significantly. The domestic semiconductor market is projected to continue expanding, providing ample opportunities for upstream precision metal manufacturing [51][54]. Competitive Landscape - The precision component manufacturing market is divided into three tiers, with Fengguang Precision positioned in the first tier due to its strong R&D and production capabilities. The industry is expected to see increased concentration as weaker players exit the market [3][59]. Company Advantages - The company has established strong customer relationships with leading firms such as THK and Yaskawa Electric, which provide stable and growing revenue streams. The ongoing development of harmonic reducers is expected to create a second growth curve for the company [4][79]. - The company is currently advancing its harmonic reducer project, aiming to establish a production capacity of 300,000 units annually, supported by a fundraising plan of approximately 250 million yuan [4][83]. Financial Forecast - The company is projected to achieve net profits of 36 million, 42 million, and 51 million yuan for the years 2023, 2024, and 2025, respectively. The current stock price corresponds to dynamic P/E ratios of 72, 61, and 51 for the same years [4][115].