GLONGHUI July 10丨Zhongtai Securities's research report on the 9th pointed out that Tongyu Heavy Industries (300185.SZ)'s core casting and forging business is stable, capacity expansion unleashes upward potential, and there is broad room for medium- to long-term growth. The company's casting production capacity meets order requirements, and the new fund-raising project focuses on product size upgrades. The company actively develops die forging technology. Compared with free forging technology, the gross to net ratio of wind turbine spindle products can be greatly reduced. Overcoming the current shortcomings of high input, long manufacturing process, high energy consumption, high cost, and long processing cycle, the material utilization rate and energy saving benefits will be significantly improved compared to the free forging process. There is a clear downward trend in superimposed raw materials, and the company's profits are expected to recover further. Demand for wind power installations is expected to pick up this year. In particular, offshore wind installations are expected to grow rapidly, driving the rapid growth of the company's wind power products, compounding the decline in raw materials, and the recovery of the company's profit expectations. Furthermore, the company's product layout is complete, and multi-business collaboration is expected to improve the company's competitiveness. Covered for the first time, giving it a “buy” rating.