大连重工：公司在手订单充足，业绩增速高于同行业平均水平

Core Viewpoint - The company, Dalian Heavy Industry, reported strong financial performance with a significant increase in revenue and net profit, indicating robust demand and effective management strategies [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 10.979 billion yuan, representing a year-on-year growth of 8.11% [1] - The net profit attributable to shareholders reached 490 million yuan, marking a year-on-year increase of 23.97% [1] Business Model - The company's contract liabilities arise from the high unit price, complex design, long supply chain, and extended manufacturing cycle of its heavy machinery products, which are often sold on credit [1] - Customers typically make partial prepayments before gaining control of the equipment, leading to accounts receivable that are gradually collected as the equipment is put into operation [1] Market Position - The company has a sufficient backlog of orders and its performance growth exceeds the industry average, indicating a strong competitive position in the market [1] Expansion Strategy - Any expansion plans will be based on strategic planning and market conditions, with a commitment to adhere to relevant review procedures [1]