产能有望陆续释放，实控人增持彰显信心

Investment Rating - The report assigns an "Accumulate" rating to the company, with a projected PE of 11.61, 9.50, and 8.00 for the years 2023-2025 respectively, indicating a positive outlook for the company's stock performance [21]. Core Insights - The actual controller of the company, Mr. Sun Yuan, has increased his shareholding by 424,966 shares, representing 0.18% of the total share capital, demonstrating confidence in the company's long-term development [1]. - The company specializes in high-precision mechanical components and has established itself as a leader in the global market for customized machining castings and assembly parts, focusing on high-end and precision manufacturing [1][2]. - The company is expected to benefit from structural adjustments in the casting and machining industry in developed countries, with projected revenue growth rates of 14.61%, 20.57%, and 20.39% for 2023, 2024, and 2025 respectively [2][3]. Financial Performance - The company's revenue is forecasted to reach 1,284 million in 2023, 1,549 million in 2024, and 1,864 million in 2025, with growth rates of 14.61%, 20.57%, and 20.39% respectively [3][4]. - The EBITDA is projected to increase from 379.21 million in 2023 to 532.34 million in 2025, reflecting a strong operational performance [3]. - The net profit attributable to the parent company is expected to grow from 272.51 million in 2023 to 395.32 million in 2025, with growth rates of 10.00%, 22.19%, and 18.72% for the respective years [3][4]. Capacity Expansion - The company is set to break its capacity bottleneck with the commencement of the "High-Precision Mechanical Component Production Project," which is expected to be operational by the end of 2023 [1]. - A new factory in Mexico is being established to meet the global supply chain needs of downstream customers, with an anticipated production capacity of 38,000 precision components annually [1].