SIEYUAN(SZ:002028) Sou Hu Cai Jing·2025-10-22 09:16Core Viewpoint - The company aims for a 25% growth in orders for the year, with confidence in meeting its annual targets despite challenges [1] Order Completion and Growth - As of September, the order completion is on track with most business orders showing growth [1] - Domestic orders are stable, while overseas orders are growing at a faster rate [4] Revenue and Profitability - For the first three quarters of 2025, the company reported a main revenue of 13.827 billion yuan, a year-on-year increase of 32.86%, and a net profit of 2.191 billion yuan, up 46.94% [14] - The gross margin stands at 32.32%, with stable material prices contributing to this [14][3] Future Expectations - The company maintains a positive outlook on gross margin due to scale effects, although depreciation from completed projects may negatively impact it [3] - New product development is ongoing, but its impact on total revenue is currently minimal [8] International Orders - The average fulfillment cycle for overseas orders is longer compared to domestic orders [2] - The company has seen an increase in overseas EPC orders, particularly in Southeast Asia and Africa [12] R&D and Innovation - The company is increasing R&D investments to drive innovation and enhance core competitiveness [10] - Collaboration with the Huairou Laboratory aims to advance IGCT technology and market applications [7] Financial Metrics - The company’s liabilities ratio is at 45.94%, with investment income reported at 32.73 million yuan [14] - Recent institutional ratings show 14 buy ratings and 1 hold rating, with an average target price of 127.52 yuan [15]