Ge Long Hui A P P·2025-11-11 08:07Core Insights - The report from Huazhong Securities indicates that Teruid achieved a net profit attributable to shareholders of 686 million yuan in the first three quarters of 2025, representing a year-on-year increase of 53.55% [1] - In Q3 2025, the net profit attributable to shareholders reached 359 million yuan, showing a year-on-year growth of 41.53% [1] - The company's gross profit margin continues to improve, with overseas expansion and AIDC opening new growth opportunities [1] Overseas Projects - In 2025, the company successfully won a bid for a 700 million yuan high-voltage mobile substation project for the Saudi National Grid [1] - In the first half of the year, the company secured multiple overseas projects, including the second phase of the solar project in Saudi Arabia, a 150kV substation project for BYD's factory in Indonesia, and a 100MW solar project in Botswana [1] - The company established a subsidiary in the UAE in the first half of 2025 to enhance its competitiveness in the Middle East and surrounding regions [1] AIDC Solutions - In the AIDC sector, the company provides integrated solutions for data centers, including high-voltage access at 110kV/220kV, substation planning and construction, solid-state transformers (SST), and DC distribution solutions [1] - The company will focus on the layout of solid-state transformers (SST) and integrated solutions combining high voltage and SST [1] Investment Rating - The report maintains a "Buy" rating for the company [1]