3S(SH:605305) Guoxin Securities·2025-07-14 14:23Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 250 to 300 million yuan, representing a year-on-year increase of 78% to 114% [1] - The company has seen a 50% year-on-year increase in new orders from January to May 2025, with a notable improvement in the order structure, particularly in large-load elevators and gear rack elevators, which now account for approximately 40% of the total order value [2] - The company is enhancing its international presence, with overseas revenue reaching 650 million yuan in 2024, a 19% increase year-on-year, and accounting for 50% of total revenue, with a gross margin of 56% from international sales, significantly higher than domestic margins [2] - The company is actively innovating its product offerings in the wind power sector, introducing new products that align with the trend of larger wind turbines, while also expanding into non-wind sectors such as industrial and emergency rescue applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 492 million yuan for 2025, with a year-on-year growth of 56.4%, and an EPS of 2.32 yuan, translating to a PE ratio of 12.9 [4] - Revenue projections for 2025 are set at 1.915 billion yuan, reflecting a 47.5% increase compared to 2024 [4] Order and Market Dynamics - The company has optimized its order structure, with a focus on high-value products, leading to improved customer recognition and market coverage [2] - The company has established wholly-owned subsidiaries in key international markets, enhancing its ability to provide comprehensive services to overseas clients [2] Product Development - Continuous product innovation is a priority, with new solutions being developed to increase the value and profitability of wind power products [3] - The company is also diversifying its product applications beyond wind power, targeting various industries [3]