Core Viewpoint - The company has established a three-tier industrial strategy encompassing traditional precision components, new energy vehicle components, and linear rolling functional components, positioning itself for future growth. The revenue scale continues to grow, with a compound annual growth rate (CAGR) of 10.9% from 2019 to 2023, and a net profit growth of 7.1% in the first three quarters of 2024 [1][2][5]. Group 1: Turbocharger Components - The tightening emission standards for passenger vehicles are expected to drive the penetration rate of turbochargers, with a market concentration dominated by foreign companies, where the global CR4 exceeds 90%. The company has established deep ties with leading downstream customers, providing strong support for future performance [2][27]. - The turbocharger components business is projected to maintain steady growth, with expected revenues of 11.2 billion, 12.2 billion, and 13.3 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 10%, 9.5%, and 9% respectively [2][47]. - The company has built long-term stable partnerships with major clients such as Garrett and Cummins, with the top five customers accounting for approximately 78.8% of sales from 2019 to 2023, ensuring a solid foundation for future performance [39][47]. Group 2: New Energy Vehicle Components - The rapid growth in new energy vehicle sales and increasing penetration rates have positioned the new energy vehicle components business as a new growth engine for the company. The first phase of the Anhui Best factory is expected to generate an annual output value of approximately 810 million yuan [3][48]. - The company is actively expanding its new energy vehicle components business through both organic growth and acquisitions, with projected revenues of 2.1 billion, 3.8 billion, and 6.1 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 40%, 80%, and 60% respectively [3][52]. - The company has established a wholly-owned subsidiary in Anhui to enhance its capabilities in new energy vehicle components, with the factory having commenced operations in May 2024 [53][54]. Group 3: Linear Rolling Functional Components - The company is making significant strides in the linear rolling functional components sector, with plans to begin mass production of high-precision ball screws and linear guides by 2025. The revenue from this segment is expected to grow from 0.1 billion to 2.7 billion yuan from 2024 to 2026, with growth rates of 800% and 200% in 2025 and 2026 respectively [4][48]. - The company has prepared for the mass supply of planetary roller screws for humanoid robots by 2025, indicating a strong technological and equipment readiness [4][48]. Group 4: Financial Performance - The company has demonstrated strong financial performance, with a CAGR of 10.87% in revenue from 2019 to 2023, and a net profit CAGR of 9.4% during the same period. In the first three quarters of 2024, the company achieved a revenue of 1.04 billion yuan, a year-on-year increase of 3.5% [21][26]. - The gross profit margin has remained stable since 2021, with a gross margin of approximately 34.9% in the first three quarters of 2024, indicating effective cost control and operational efficiency [23][24].