研报掘金丨华安证券：国电南瑞业务结构持续优化，维持“买入”评级

Core Viewpoint - Guodian NARI achieved a net profit attributable to shareholders of 4.855 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 8.43% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 1.903 billion yuan, showing a year-on-year growth of 7.81% [1] - The company signed new contracts worth 35.432 billion yuan in the first half of the year, which is a year-on-year increase of 23.46% [1] Market Position and Business Expansion - The company has consolidated and improved its market share in domestic business while achieving significant growth in external business [1] - In terms of overseas business, Guodian NARI made breakthroughs in markets such as Saudi Arabia and South America, with external business contracts accounting for over 50% of the total [1] - International contracts saw a year-on-year increase of over 200%, indicating a continuous optimization of the business structure [1] Investment Rating - The company maintains a "Buy" rating [1]