Investment Rating - The report gives a "Buy" investment rating for the company, marking its first coverage in this regard [6]. Core Views - The company is positioned as a leading player in the zipper and button industry, with a dual growth strategy focusing on both segments. It is expected to achieve steady growth and increase its market share, particularly in the international market [3][4][6]. Summary by Sections Short-term Demand and Policy Disturbances - The company faces short-term pressures due to relatively weak domestic demand and potential impacts from tariff policies. However, it demonstrates resilience in order growth despite external fluctuations [13][14]. - Long-term growth is supported by the dual growth of zippers and buttons, with robust profitability expected [15]. Zipper Industry - The global zipper market is valued at approximately 120.9 billion RMB, with a projected CAGR of 3.5% until 2030. The company is gaining market share from competitors like YKK due to operational disruptions faced by them [23][27]. - The company has seen significant growth in overseas revenue, with a CAGR of 16.4% from 2015 to 2024, outpacing domestic growth [4][16]. Button Industry - China is the leading exporter of buttons, with the market size expected to grow from 280 billion RMB in 2022 to 313 billion RMB by 2025, reflecting a CAGR of 3.95% [36]. - The company holds a 15%-20% market share in the domestic high-end button market, benefiting from a strong design and rapid response capability [37][38]. Company Development - The company has undergone significant transformation, evolving from a button manufacturer to a comprehensive supplier of garment accessories. It has established a global presence with production facilities in Southeast Asia [43][46]. - The corporate culture emphasizes alignment of goals across all levels, supported by a stable shareholding structure and successful stock incentive plans [47][48]. Profit Forecast - Revenue projections for 2025-2027 are 50.07 billion RMB, 55.96 billion RMB, and 62.56 billion RMB, with corresponding EPS of 0.64, 0.70, and 0.78 RMB. The current stock price corresponds to a PE ratio of 17.2, 15.6, and 14.1 for the respective years [6][54].