Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic fan blade and mechanical fan industry, with a robust product line and a strong market position, benefiting from the "home appliance replacement" policy in 2024, which is expected to significantly boost the sales volume of its air conditioning fan blade products [2] - The establishment of a new production base in Thailand with an investment of 110 million yuan is anticipated to enhance the company's overseas market share, targeting a production capacity of 12.7 million air conditioning fan blades per year [2] - The company has made significant technological advancements in mechanical fans, particularly in the core components, which are expected to expand its downstream application scenarios [2] - The company has strategically entered the semiconductor sector, becoming the second-largest shareholder of Yongxi Electronics, with a 7.59% stake, and has significant indirect holdings in leading NAND and DRAM manufacturers, indicating substantial growth potential [3] - The company is also actively pursuing acquisitions in the new materials sector, such as the proposed acquisition of a stake in Ningbo Jujia Technology, which is expected to strengthen its supply chain and expand into emerging fields [10] Financial Summary - Revenue projections for 2025-2027 are 2.18 billion, 2.49 billion, and 2.84 billion yuan, respectively, with corresponding net profits of 192 million, 228 million, and 264 million yuan, indicating a steady growth trajectory [4] - The company is expected to achieve a net profit growth rate of 57.16% in 2024, followed by 11.27% and 19.00% in the subsequent years [5] - The projected PE ratios for 2025-2027 are 18.62, 15.64, and 13.52, reflecting an attractive valuation as the company grows [4]