Zhong Guo Jing Ji Wang·2025-12-02 07:41Core Viewpoint - The report from Huaxi Securities indicates that the recent acquisitions by Tanshan (探路者) are expected to enhance profit margins, leading to revised earnings and revenue forecasts for the years 2025 to 2027 [1] Financial Projections - The revenue forecasts for 2025, 2026, and 2027 have been adjusted to 20.11 billion, 28.29 billion, and 33.42 billion yuan, respectively, reflecting increases of 20.11%, 22.80%, and 25.88% [1] - The net profit attributable to the parent company for 2025, 2026, and 2027 is revised to 2.37 billion, 3.14 billion, and 3.76 billion yuan, respectively [1] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been updated to 0.27, 0.35, and 0.43 yuan, respectively [1] Valuation Metrics - As of December 1, 2025, the closing price of 11.85 yuan corresponds to price-to-earnings (PE) ratios of 44, 33, and 28 for the years 2025, 2026, and 2027, respectively [1] - The rating for Tanshan remains "Buy" based on the updated financial outlook [1]