Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company reported a revenue of 529 million yuan for 2024, representing a year-on-year growth of 4.06%, while the net profit attributable to the parent company was 54.55 million yuan, down 9.94% year-on-year. The profit forecasts for 2025 and 2026 are maintained at 67 million yuan and 82 million yuan respectively, with corresponding EPS of 0.91 yuan and 1.11 yuan per share [4][7] - The company has launched a "New Energy Equipment R&D Center" and has secured orders worth 141 million yuan in the nuclear power sector. The company is expected to benefit from the government's 2025 nuclear power project construction plans across various provinces [5][6] Financial Summary - The total market capitalization of the company is 1.845 billion yuan, with a circulating market capitalization of 935 million yuan. The current stock price is 25.14 yuan, with a 12-month high of 30.03 yuan and a low of 9.41 yuan [2] - The company’s revenue and net profit forecasts for the next few years are as follows: - 2024E Revenue: 529 million yuan, Net Profit: 55 million yuan - 2025E Revenue: 625 million yuan, Net Profit: 67 million yuan - 2026E Revenue: 737 million yuan, Net Profit: 82 million yuan [7][10] - The company’s gross margin is projected to be around 29.6% for 2025, with a net margin of 10.7% [11]
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