NANCAL(SH:603859) CHINA DRAGON SECURITIES·2025-08-28 11:18Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Viewpoints - AI is identified as the core engine driving growth, leading to simultaneous increases in revenue and gross margin, with a significant year-on-year increase in contract liabilities [6] - The company achieved total operating revenue of 738 million yuan, a year-on-year growth of 4.91%, and a net profit attributable to shareholders of 111 million yuan, a year-on-year increase of 18.75% [4] - The self-developed "Ling Series" AI agent products and solutions are expected to accelerate implementation, contributing to the company's second growth curve [6] Financial Performance Summary - Total operating revenue for the reporting period was 738 million yuan, with a gross margin of 52.40%, an increase of 4.22% year-on-year [6] - Contract liabilities at the end of the reporting period reached 405 million yuan, a year-on-year increase of 158.26% [6] - The company has improved its cost control, with sales, management, and financial expenses decreasing by 26.02%, 1.16%, and 107.53% respectively [6] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 251 million yuan, 303 million yuan, and 365 million yuan for the years 2025, 2026, and 2027 respectively [6] - The estimated EPS for 2025, 2026, and 2027 is projected to be 1.02 yuan, 1.24 yuan, and 1.49 yuan respectively [6] - The corresponding PE ratios for 2025, 2026, and 2027 are expected to be 51.8, 42.8, and 35.5 times respectively [6] Comparable Company Analysis - The report compares the company with peers such as Saiyi Information, Dingjie Smart, and Zhongke Electric, providing a benchmark for valuation [6]