Jin Rong Jie·2026-01-13 09:21Core Viewpoint - Cathay Securities' recent report indicates that Yaxing Engineering's consolidated revenue for December increased by 165.2%, and the consolidated revenue for the fourth quarter rose by 133.7%, leading to a target price adjustment to 162.8 yuan with a 37x PE for 2026, maintaining a "buy" rating [1] Group 1 - Yaxing Integrated's revenue is expected to account for 37% of the parent company's revenue in 2024 and 26% in the first three quarters of 2025 [1] - The total value of major new contracts signed in 2025 amounts to 4.74 billion yuan, with new projects expected to commence physical installation after the third quarter of 2025 [1] - The company is intensifying efforts to expand into overseas markets, particularly in Southeast Asia and other international regions [1]