GLONGHUI July 11丨Tianfeng Securities's research report on the 10th pointed out that new orders for Precision Steel (600496.SH) have increased rapidly, and valuations are at a relatively low level in history. 23Q2 signed a new contract amount of 5.69 billion yuan, +47.2% over the same period. The company's order acceptance has accelerated significantly since '23. At the same time, the number of large orders accepted is gradually increasing, which is also beneficial to increasing the company's profit margin. From a valuation perspective, as of the closing of trading on July 10, the company's PE was in the 7.7% historical ranking since '21, and the valuation was at a relatively low level in history. It is recommended to pay attention. While consolidating its main business, the company continues to promote informatization and digital transformation. BIPV and joint venture chains continue to advance, which is expected to drive continuous improvement in the company's profitability. Maintaining the previous forecast, the net profit of the return mother is estimated to be 86/107/1.31 billion yuan in 23-25. Referring to comparable company valuations, it will be given 13 times PE in 23 years, corresponding to the target price of 5.56 yuan, maintaining the “buy” rating.