Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is acquiring 51% of Wuxi Tongyi and aims to enhance its metal forming process chain, which is expected to improve its technical competitiveness and profitability [7] - The acquisition price is capped at 163 million yuan, with payments structured in three phases based on performance commitments [7] - The target company has a strong foundation in precision stamping technology, which will complement the company's existing capabilities and expand its product offerings [7] - The acquisition is projected to contribute significantly to the company's earnings, with an expected average net profit contribution of 16.32 million yuan per year from the acquired stake [7] - The report revises the net profit forecasts for 2025-2027 upwards, reflecting the positive impact of the acquisition [7] Financial Projections - Total revenue is projected to grow from 321.39 million yuan in 2024 to 699.20 million yuan in 2027, with a compound annual growth rate (CAGR) of 20.03% [1] - Net profit attributable to the parent company is expected to increase from 54.10 million yuan in 2024 to 108.89 million yuan in 2027, with a CAGR of 19.88% [1] - The earnings per share (EPS) is forecasted to rise from 0.47 yuan in 2024 to 0.94 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 37.69 in 2024 to 18.72 in 2027, indicating improved valuation over time [1] Market Data - The closing price of the stock is 17.57 yuan, with a market capitalization of approximately 2,038.82 million yuan [5] - The company has a price-to-book (P/B) ratio of 4.10 and a net asset value per share of 4.29 yuan [5][6]