Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company is expected to achieve significant revenue growth through a doubling of revenue in water conservancy and mining sectors, alongside a 2.6 billion acquisition aimed at establishing itself as a leader in infrastructure across various scenarios [1]. - The company reported a revenue of 1.73 billion yuan in Q1 2025, with a net profit of 32.54 million yuan [2]. - The overall market for the company remains under pressure, particularly in the railway and highway sectors, leading to a downward adjustment in profit forecasts for 2025-2026, while increasing the forecast for 2027 [2]. Revenue and Profit Forecasts - The company is projected to achieve net profits of 1.15 billion, 1.41 billion, and 1.75 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.28, 1.57, and 1.95 yuan [2][4]. - The total revenue for 2024 is expected to be 799 million yuan, with a net profit of 104.64 million yuan [5]. Industry Performance - In 2024, the water conservancy and hydropower sectors are expected to see revenue growth of 96% and 78% respectively, while the aftermarket revenue is projected to increase by 103% [3][8]. - The railway market is anticipated to generate 4.54 billion yuan in revenue, a decrease of 20.32% year-on-year, while the highway market is expected to generate 2.40 billion yuan, down 25.75% year-on-year [3][14]. Acquisition and Expansion - The company plans to acquire 100% of the shares of Wuxin Heavy Industry and Wuxin Technology through a combination of share issuance and cash payment, with a total transaction value of 2.65 billion yuan [4][10]. - The acquisition is expected to enhance the company's capabilities in the port machinery and road and bridge construction sectors, with projected net profits from the acquired companies estimated at 2.32 billion, 2.43 billion, and 2.48 billion yuan for 2025-2027 [4][10]. Financial Summary - The company’s financial metrics indicate a revenue of 954 million yuan in 2023, with a projected increase to 861 million yuan in 2025, and a net profit forecast of 115 million yuan for the same year [5]. - The gross profit margin is expected to stabilize around 32.4% in 2025, with a net profit margin of 13.3% [5][37].
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