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研報掘金丨華鑫證券:首予徵和工業“買入”評級,聚焦技術引領與全球化佈局

華鑫證券研報指出,徵和工業2024年營收穩增5.9%,2025Q1利潤翻倍。首次覆蓋,給予“買入”評級。徵和工業從事各類鏈傳動系統的研發、製造和銷售,產品主要應用於各類車輛的發動機和傳動系統、農業機械傳動和輸送系統、工業設備傳動和輸送系統等,是國內鏈傳動行業的領軍企業和鏈系統技術領導者。同時,公司積極佈局機器人領域,關注機器人領域的技術和產業發展動態,所研發的微型鏈系統項目,重點攻關機器人靈巧手傳動技術,如今尚處於早期技術探索與儲備階段。此外,公司聚焦技術引領與全球化佈局,加速高端產品與海外市場拓展。隨着高端裝備關鍵零部件產業園建設完成,公司產品結構將進一步優化,助力實現“中國第一、全球前三”的戰略目標。

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