Hua Yuan Zheng Quan·2025-09-22 11:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights improvements in gross margin and expense ratio, with expectations for a peak in deliveries this year [4] - The company achieved a revenue of 37.62 billion yuan in the first half of 2025, representing a year-on-year increase of 14.3%, and a net profit attributable to shareholders of 1.91 billion yuan, up 12.9% year-on-year [7] - The report anticipates significant earnings elasticity due to a peak in coal and nuclear power deliveries in 2025, supported by a robust order backlog [7] Financial Summary - The company's revenue projections for 2025-2027 are 82.43 billion yuan, 87.34 billion yuan, and 91.09 billion yuan, with year-on-year growth rates of 20.18%, 5.95%, and 4.30% respectively [6] - The net profit attributable to shareholders is forecasted to be 4.06 billion yuan, 4.73 billion yuan, and 5.44 billion yuan for 2025-2027, with growth rates of 39%, 17%, and 15% respectively [7] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 15.79, 13.56, and 11.78 respectively [6][7]