中信博（688408）：在手订单充沛，海外优势突出

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has a strong order backlog of 7.4 billion yuan as of Q1 2025, with a year-on-year increase of 6% [7] - The company is expanding its overseas manufacturing bases in India, Saudi Arabia, and Brazil, enhancing its global delivery capabilities [7] - The revenue for Q1 2025 was 1.56 billion yuan, showing a quarter-on-quarter decline of 14.1% and a year-on-year decline of 48.8% due to delivery schedules [7] - The company plans to maintain its R&D investment, which increased by 34.99% year-on-year in Q1 2025 [7] - The projected net profit for 2025-2027 is 8.3 billion, 10.6 billion, and 12.8 billion yuan respectively, with corresponding growth rates of 32%, 27%, and 21% [7] Financial Summary - Total revenue forecast for 2023A is 6.39 billion yuan, with a year-on-year growth of 72.59% [1] - The projected net profit for 2023A is 345.04 million yuan, with a year-on-year growth of 676.58% [1] - The estimated EPS for 2025E is 3.81 yuan per share, with a P/E ratio of 12.21 [1] - The company’s total assets are projected to reach 13.25 billion yuan by 2025E [8] - The company’s total liabilities are expected to be 7.98 billion yuan by 2025E [8]