Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has demonstrated high growth in performance, driven by industry recovery and product structure upgrades [1] - The revenue for the first three quarters of 2025 reached 3.618 billion yuan, a year-on-year increase of 84.1% [7] - The net profit attributable to shareholders for the same period was 664 million yuan, marking a significant turnaround [7] - The company is benefiting from the increased demand for high-value products, particularly main shaft bearings, and an accelerated delivery schedule [7] - The gross profit margin for Q3 2025 was 29.5%, reflecting a year-on-year increase of 10.8 percentage points [7] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 2.824 billion, 2.946 billion, 4.352 billion, 5.025 billion, and 5.706 billion yuan respectively, with a significant year-on-year growth of 47.75% expected in 2025 [1][8] - The net profit attributable to shareholders is forecasted to be 374.84 million, 65.38 million, 693.16 million, 883.06 million, and 1,037.40 million yuan for the same years, with a remarkable increase of 960.24% in 2025 [1][8] - The earnings per share (EPS) are projected to be 0.91, 0.16, 1.67, 2.13, and 2.51 yuan respectively, indicating a strong recovery trajectory [1][8] - The company’s dynamic P/E ratios for 2025, 2026, and 2027 are estimated at 32, 25.13, and 21.39 respectively, suggesting an attractive valuation [1][8]