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]