Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][8]. Core Views - The company is recognized as a national-level specialized "little giant" focusing on laser processing control technology, with a strong commitment to automation and intelligent development in advanced manufacturing [18]. - The company is expected to benefit from both industrial and consumer applications, with significant growth potential in the consumer market driven by trends such as DIY culture and 3D printing [7][10]. - The planned acquisition of a 55% stake in Samit Optoelectronics is anticipated to create synergistic effects, enhancing the company's market position and operational efficiency [10][8]. Financial Summary - The company’s total revenue is projected to grow from 2.12 billion yuan in 2024 to 4.55 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.5% [2]. - The net profit attributable to the parent company is expected to increase from 304.95 million yuan in 2024 to 830 million yuan in 2027, reflecting a CAGR of 35.8% [2]. - The earnings per share (EPS) is forecasted to rise from 0.30 yuan in 2024 to 0.81 yuan in 2027 [2]. Industry Insights - The laser processing control system market is experiencing robust growth, driven by the increasing demand for precision in various sectors such as consumer electronics, new energy, and semiconductors [10][36]. - The consumer-grade application market is poised for explosive growth, with the company actively developing products to capture this emerging demand [10][41]. - The company is positioned to leverage the ongoing shift towards domestic alternatives in high-precision components, enhancing its competitive edge in the laser processing industry [10][37]. Acquisition Strategy - The company plans to acquire a 55% stake in Samit Optoelectronics, which is expected to enhance its product offerings and customer resources, creating significant synergies [10][8]. - This acquisition aligns with the company's strategy to strengthen its position in the optical control sector and expand its market reach [10][8]. Valuation Metrics - The current price-to-earnings (PE) ratios for 2025-2027 are projected at 79, 60, and 44, respectively, which are below the average PE ratios of comparable companies [8]. - The company’s valuation reflects its status as a "little giant" in the domestic laser control field, with expectations of sustained revenue and profit growth [8].

Group 1 - The company, Jin Chengzi, announced plans to acquire 55% of Changchun Samit Optoelectronic Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising matching funds [1] - The stock of Jin Chengzi will be suspended from trading starting July 31, with an expected suspension period of no more than 10 trading days [1] - The transaction is preliminarily set to involve multiple shareholders of Samit, including Wang Yongyang and Huang Meng, and is not expected to constitute a major asset restructuring as per regulations [1] Group 2 - Jin Chengzi is a leading company in the domestic laser processing control systems sector, focusing on automation and intelligent development in advanced laser manufacturing [2] - The main business includes the research and sales of laser processing equipment motion control systems and components, providing comprehensive solutions and technical services for various laser processing scenarios [2] - In Q1 of this year, Jin Chengzi achieved operating revenue of 64.3681 million yuan, a year-on-year increase of 30.10%, and a net profit attributable to shareholders of 11.9682 million yuan, up 73.01% [2]