Prospective layout of new energy business and integrated die-casting, with a "buy" rating

The company has an early layout and smooth product development. With the release of fundraising and investment capacity, new energy products are expected to gradually contribute to performance. The company's strategic layout is integrated with die-casting, and its medium and long-term development strategy is clear. We expect to achieve a net profit attributable to the parent of 1.36/2.54/340 million yuan in 2021-2023. We give a one-year target price of 38-44 yuan, the first coverage, and give a "buy" rating.

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Strategic layout of die-casting integration, clear medium and long-term development strategy