YINGLIU(603308) 华鑫证券·2025-01-15 07:47Investment Rating - The report assigns a "Buy" investment rating for the company [4]. Core Insights - The company is positioned to benefit from the accelerated localization of gas turbine technology and the growth of the nuclear power sector, which is expected to enhance its core competitiveness and create new growth opportunities [4][5]. - The company plans to issue 1.5 billion yuan in convertible bonds to fund projects related to blade casing processing coatings and advanced nuclear materials, which are anticipated to contribute to its performance [4]. - The nuclear power industry is projected to grow, with installed capacity expected to reach approximately 70 million kilowatts by 2025, providing a favorable environment for the company's products [5]. - The company has a robust order backlog, with over 800 million yuan in gas turbine orders and 450 million yuan in nuclear energy orders, indicating strong demand and potential for revenue growth [6]. - The company's expense ratio has shown a declining trend, which is expected to enhance profitability despite slight decreases in gross margin due to rising costs [6]. Financial Projections - Revenue forecasts for the company are 2.756 billion yuan in 2024, 3.203 billion yuan in 2025, and 3.724 billion yuan in 2026, reflecting growth rates of 14.3%, 16.2%, and 16.3% respectively [11]. - The projected earnings per share (EPS) are 0.52 yuan for 2024, 0.67 yuan for 2025, and 0.85 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 33.1, 26.1, and 20.5 [9][11].