According to the research report of China International Capital Corporation, the board of directors of Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (300316.SZ) has agreed to terminate the listing of its subsidiary Meijing New Materials on the Growth Enterprise Market of the Shenzhen Stock Exchange and withdraw the relevant listing application documents. Currently, the company's own funds are relatively abundant, which can guarantee the future development of the crucible business. Currently, the crucible production capacity is about 18,000/month. At the same time, the company currently holds 57.84% of Meijing New Materials, which is an important part of the company's consumables business income. The termination of this listing application also avoids the dilution of the net income attributable to the parent and to some extent contributes to the company's performance growth. The market is concerned about the pressure on the crucible business, but the company's actual profitability remains stable. We maintain an outperform industry rating and a target price of 43.00 yuan.