SUNWAY(SZ:002469) Great Wall Securities·2025-09-02 03:10Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company has shown significant growth in revenue and new orders year-on-year, with a strong dividend payout to shareholders [2][7] - The company is expected to achieve a net profit of 3.4 billion, 4.3 billion, and 5.4 billion for the years 2025 to 2027, representing year-on-year growth of 31%, 26%, and 25% respectively [7] Financial Performance Summary - For 2023A, the company reported revenue of 2,657 million, with a projected increase to 4,581 million by 2027E, reflecting a growth rate of 19.2% [10] - The net profit attributable to the parent company for 2023A was 282 million, expected to rise to 537 million by 2027E, with a growth rate of 24.6% [10] - The company's return on equity (ROE) is projected to improve from 10.1% in 2023A to 15.0% in 2027E [10] - The latest diluted earnings per share (EPS) is 0.43 yuan, expected to increase to 0.83 yuan by 2027E [10] Order and Revenue Growth - The company achieved a significant increase in new contracts, with a total of 6.37 billion in new orders, a year-on-year increase of 60% [7] - The engineering contracting revenue saw a remarkable increase of 483.46%, driven by key projects such as the contract with Beifang Huajin [2][7] Margin Improvement - The company's gross margin and net margin improved year-on-year, with sales gross margin at 19.94% and net margin at 9.51% for the first half of the year [2] - The gross margin for engineering contracting and aldehyde alcohol ester products showed significant improvement, with respective margins of 17.61% and 20.97% [2][7]