Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is recognized as a national-level specialized and innovative "little giant" in customized machinery, with a projected revenue growth of 8.45% in 2024. It specializes in the research, design, manufacturing, and sales of customized machinery and components, primarily serving sectors such as oil and gas, chemical fluid control, and aerospace [6][7]. - The report highlights the company's strong performance in the aerospace sector, with a significant revenue increase of 151% year-on-year in 2024 for aerospace components, driven by strategic investments and a robust manufacturing base [7]. Summary by Sections Market Performance - The closing price of the company's stock is reported at 18.88 yuan, with a total market capitalization of 1,916.72 million yuan and a circulating market value of 777.90 million yuan [3]. Financial Performance - In 2024, the company achieved a revenue of 969 million yuan, representing an 8.45% year-on-year growth, and a net profit attributable to shareholders of 77.92 million yuan, reflecting a 4.41% increase [6][8]. - The company holds 161 patents, including 19 invention patents, showcasing its commitment to innovation [6]. Industry Outlook - The mechanical industry in China is expected to continue its growth trajectory, with a total revenue of 31.5 trillion yuan in 2024, marking a 1.7% increase year-on-year. The report emphasizes the importance of government policies aimed at promoting equipment upgrades and digital transformation in the industrial sector [6][7]. Business Model - The company employs a "self-production + collaborative manufacturing" model, which enhances resource integration and operational efficiency. It has established a robust ecosystem with over 300 collaborative manufacturers and 10 subsidiaries, ensuring quality and service throughout the production process [6][7]. Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 95 million yuan, 111 million yuan, and 129 million yuan, respectively, with corresponding earnings per share (EPS) of 0.93, 1.09, and 1.27 yuan [8]. - The report compares the company with peers, noting an average valuation of 23 times for comparable companies in 2025, while the company is projected to have a price-to-earnings (P/E) ratio of 20.2 for 2025 [7][8].