According to the Caitong Securities Research report, 688377.SH 's profits in the first quarter of 2023 rose less than expected, but remained highly competitive in the industry. Among them, the level of technology has been recognized by global customers, the rapid growth of deep-sea business; multi-directional die forging production line is expected to land this year, high-end valves give the company a new driving force for growth. The bank said that the company is a world-renowned manufacturer of special parts for oil and gas equipment, has a leading advantage in the deep-sea field, has a good customer base, and believes that the company is expected to maintain steady growth in the future. It is estimated that the company will achieve a net profit of 220 million yuan / 320 million yuan in 2023 / 2024, corresponding to 16 times of PE. Give the company an "overweight" rating for the first time