Zhongyan Technology (SZ:003001) Guoxin Securities·2025-04-03 00:55Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][23] Core Views - The strategic partnership between the company and Jingtai Technology is expected to drive a revolution in geotechnical engineering efficiency through AI empowerment, significantly shortening the research and development cycle of geotechnical materials and reducing overall costs [3][9] - The company is focusing on core technologies and materials to serve national strategic projects, with significant progress in the nuclear power and hydropower sectors, which is expected to accelerate the realization of related orders [4][16][18] Summary by Relevant Sections Strategic Cooperation - The company signed a strategic cooperation agreement with Jingtai Technology, which utilizes quantum physics and AI to enhance R&D solutions in various industries, including geotechnical solidification [2][3] Market Potential - The integration of the company's process data with AI solutions from Jingtai Technology is anticipated to enhance its leading position in the geotechnical engineering sector, opening up potential market space for foundation treatment [3][4] Financial Forecast - The company forecasts revenues of 919 million, 1.342 billion, and 2.050 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 71 million, 147 million, and 299 million yuan, reflecting growth rates of +123%, +106%, and +103% [4][23][26] Major Projects - The company has secured significant orders in the nuclear power and hydropower sectors, including collaborations with major players like China Nuclear Group and China Gezhouba Group, which are expected to expedite project approvals and order realizations [16][17][18]