Investment Rating - The report maintains a "Buy" rating for the company, indicating confidence in its future performance [16] Core Views - The company has launched a 2024 equity incentive plan, granting 2,589,420 restricted shares, accounting for 0.85% of the total share capital, with performance targets set for 2024-2026, including revenue goals of 2/2.5/3 billion yuan and net profit targets of 100/150/200 million yuan [1][7] - The turbocharger business is a key growth driver, with sales of 613,700 units in the first three quarters of 2023, generating revenue of 519.25 million yuan, a year-on-year increase of 295.26% [1] - The company has developed a new casting process, the rapid active filling process, which is expected to have broad application prospects in industries such as aviation, aerospace, and military [1] Financial Performance and Forecasts - Revenue is projected to grow from 1.557 billion yuan in 2023E to 2.899 billion yuan in 2025E, with a compound annual growth rate (CAGR) of 34.43% [8] - Net profit is expected to recover from a loss of 89 million yuan in 2023E to a profit of 136 million yuan in 2025E [8] - EPS is forecasted to improve from -0.29 yuan in 2023E to 0.45 yuan in 2025E [8] Valuation Metrics - The P/E ratio is projected to decrease from 91 in 2021 to 24 in 2025E, indicating improving valuation attractiveness [8] - The P/B ratio is expected to decline from 1.4 in 2021 to 1.8 in 2025E [8] Market Data - The company's total market capitalization is 3.228 billion yuan, with a total share capital of 306 million shares [10] - The stock price has shown significant volatility, with a one-year low of 5.78 yuan and a high of 16.54 yuan [10] Industry and Company Analysis - The company's turbocharger business is supported by its full-process core technology, from design to manufacturing, and has established supply relationships with major clients such as Geely, Aerospace Mitsubishi, and Jianghuai [1] - The new casting process, rapid active filling, is currently used for self-supplied turbine housing but has potential applications in high-end complex cross-section materials and high-performance civilian castings [1]
跟踪点评：2024年股权激励计划落地，彰显公司成长信心