Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to face slight pressure on its performance in Q3 2025, but it has strong order reserves in multiple sectors such as oil and gas, hydraulic systems, and aerospace, which are expected to drive growth [4][7] - The company is focusing on expanding its deep-sea engineering and overseas markets through a convertible bond project, which aims to enhance its production capacity in specialized materials [4][7] - The "self-production + collaborative manufacturing" model is anticipated to support the growth of various product lines and the capacity expansion in the aerospace sector [5][7] Financial Performance Summary - The company achieved revenue of 672 million yuan in Q1-Q3 2025, representing a year-on-year increase of 7%, with a net profit of 49.9 million yuan, up 8% year-on-year [7] - Revenue projections for 2025-2027 are 1,096 million yuan, 1,247 million yuan, and 1,419 million yuan, respectively, with corresponding net profits of 94 million yuan, 110 million yuan, and 128 million yuan [5][8] - The company’s earnings per share (EPS) are projected to be 0.93 yuan in 2025, 1.09 yuan in 2026, and 1.26 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 26 in 2025 to 19 in 2027 [5][8] Business Development and Strategy - The company is advancing its "intelligent flexible production line for valves" and "high-end casting and processing expansion" projects through a 120 million yuan convertible bond issuance [7] - The Thai subsidiary is expected to reach a production value target of 100 million yuan by 2026, contributing to the overall growth and margin improvement [7] - The company has established a supply chain system with over 300 collaborative manufacturers, enhancing operational efficiency and supporting its growth strategy [7]