GLONGHUI June 29丨CaiTong Securities Research Report on the 28th pointed out that Golden Orange (688291.SH) has been deeply involved in advanced laser manufacturing for nearly 20 years, and galvanometer control systems have emerged, which is expected to further open up room for growth in the future. According to the company's prospectus, the company's market share in the field of laser galvanometer processing and control in 2020 was about 32.29%, leading the industry. In the future, with the rise of domestic laser control suppliers, the company is expected to take the lead in effectively replacing foreign corporate brands in the high-end field. However, in the field of high-power laser cutting, the current localization rate is only about 10%, so there is still plenty of room for future development for domestic manufacturers. At present, the company's products already have the ability to compete with international manufacturers. The products support many high-end application units in the industry, such as the Aerospace Research Institute. With the increase in the company's capital, technical strength, and brand, it is expected that competitiveness with imported equipment will be further enhanced in the future. The bank expects the company to achieve net profit of 0.68/0.9/121 million yuan from 2023 to 2025. The corresponding PE was 45.57/34.16/25.45 times, respectively, giving it an “increase in holdings” rating.