NEWAY(603699) 东吴证券·2025-01-09 13:08Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company plans to invest approximately 500 million RMB in the second phase of the Nuway Fluid expansion project, which aims to enhance its high-end production capacity [2] - The company has been expanding its core raw materials and overseas production capacity, which is expected to support growth and demonstrate confidence in its long-term prospects [3] - The new management team has implemented effective incentives and continues to pursue overseas expansion and new product development, positioning the company for sustained growth [4] Financial Projections - Total revenue is projected to grow from 5,544 million RMB in 2023 to 8,811 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 19.45% [1] - Net profit attributable to shareholders is expected to increase from 721.80 million RMB in 2023 to 1,510.47 million RMB in 2026, with a CAGR of about 21.93% [1] - The earnings per share (EPS) is forecasted to rise from 0.94 RMB in 2023 to 1.97 RMB in 2026 [1]