Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [2][14]. Core Insights - The company has shown steady growth in performance, with a revenue of 1.632 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29.02%. The net profit attributable to shareholders reached 388 million yuan, up 25.08% year-on-year [4][5]. - The transition from traditional dyeing equipment to digital printing technology has driven significant growth in orders and sales, contributing to the company's revenue and profit increases [5][6]. - The company's gross margin decreased by 2.45 percentage points to 44.00%, while the expense ratio decreased by 1.13 percentage points to 16.36% [5]. - The capacity of the Tianjin factory is set to be released soon, which will enhance production capabilities and growth potential [5][6]. - The company is actively exploring applications of digital printing technology and expanding its business in various sectors, including digital printing for books and automatic sewing equipment [6]. Financial Projections - Revenue projections for 2025-2027 are 2.295 billion, 2.929 billion, and 3.680 billion yuan, with year-on-year growth rates of 28.16%, 27.64%, and 25.64% respectively. Net profit attributable to shareholders is expected to be 516 million, 636 million, and 782 million yuan, with growth rates of 24.62%, 23.12%, and 23.04% [7][10]. - The estimated P/E ratios for 2025-2027 are 26.85, 21.81, and 17.72, indicating a favorable valuation trend [7][10].