Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The traditional home appliance business is impacting short-term performance, but the outlook for server slide rails is optimistic due to advancements in R&D and production capacity [5] - The company has diversified its R&D efforts into server slide rails, home appliance hinges, and automotive products, which are expected to drive long-term growth [7] Financial Performance Summary - For Q1-Q3 2025, the company achieved revenue of 284 million yuan (down 2% year-on-year) and a net profit attributable to shareholders of 52.16 million yuan (down 4% year-on-year) [7] - In Q3 2025, revenue was 102 million yuan (down 5% year-on-year, up 16% quarter-on-quarter) with a net profit of 19.10 million yuan (down 14% year-on-year, up 38% quarter-on-quarter) [7] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 58.71 million yuan (up 46% year-on-year) for Q1-Q3 2025 [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are as follows: 467 million yuan in 2025, 546 million yuan in 2026, and 639 million yuan in 2027, with corresponding growth rates of 11.89%, 16.96%, and 17.15% respectively [6] - Net profit attributable to shareholders is forecasted to be 92 million yuan in 2025, 108 million yuan in 2026, and 127 million yuan in 2027, with growth rates of 12.56%, 18.07%, and 17.21% respectively [6] R&D and Product Development - R&D expenses reached 10.51 million yuan in Q1-Q3 2025, with a significant year-on-year increase of 26% in Q3, indicating a commitment to new product development in the server and home appliance sectors [7] - The company is developing various types of server slide rails, including ball-type, friction-type, L-type, tray-type, and square tube-type, with specific applications in different server configurations [7] Valuation Metrics - The projected P/E ratios for 2025-2027 are 28.40, 24.06, and 20.52 respectively, reflecting a positive outlook on the company's growth potential [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is actively expanding its customer base for server slide rails, and the initiation of fundraising projects is expected to secure future production capacity [5] - The company has shown resilience in its main business of slide rail revenue, with a year-on-year growth of 1.3% and an increase in gross margin to 28.6% [8] - The company is diversifying its product development in server slide rails, home appliance hinges, and automotive products, with a focus on collaborative research and development [8] Financial Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 289 million RMB - 2024: 417 million RMB (growth of 44.09%) - 2025E: 467 million RMB (growth of 11.89%) - 2026E: 546 million RMB (growth of 16.96%) - 2027E: 639 million RMB (growth of 17.15%) [7] - Net profit projections for the same period are: - 2023: 39 million RMB - 2024: 81 million RMB (growth of 107.34%) - 2025E: 92 million RMB (growth of 12.56%) - 2026E: 108 million RMB (growth of 18.07%) - 2027E: 127 million RMB (growth of 17.21%) [7] - Earnings per share (EPS) are projected to increase from 0.86 RMB in 2023 to 2.78 RMB in 2027 [7] Market Performance - The company's closing price is 57.32 RMB, with a total market capitalization of 2,615.24 million RMB and a circulating market value of 1,196.57 million RMB [3]