SIEYUAN(SZ:002028) CMS·2025-10-20 07:03Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company achieved record high quarterly revenue and profit in Q3, exceeding market expectations, with revenue of 5.33 billion yuan and net profit of 899 million yuan, representing year-on-year growth of 25.7% and 48.7% respectively [7]. - The company has a strong order backlog, with sufficient orders supporting continued revenue growth, and has seen significant growth in overseas orders since 2024 [7]. - The company is expanding its product range and enhancing its market share, particularly in high-value products, which is expected to improve profit margins [7]. - The company is strategically investing in overseas markets, with increasing contributions from regions like Europe, North America, and Southeast Asia [7]. - The report projects significant revenue growth for the company, with expected revenues of 29.0 billion yuan, 37.5 billion yuan, and 47.0 billion yuan for 2025 to 2027 [7]. Financial Data and Valuation - Total revenue is projected to grow from 12.46 billion yuan in 2023 to 28.29 billion yuan in 2027, with a compound annual growth rate (CAGR) of 20% [2][24]. - Operating profit is expected to increase from 1.78 billion yuan in 2023 to 5.59 billion yuan in 2027, reflecting a CAGR of 25% [2][24]. - Net profit attributable to shareholders is forecasted to rise from 1.56 billion yuan in 2023 to 4.70 billion yuan in 2027, with a CAGR of 25% [2][24]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 53.3 in 2023 to 17.7 in 2027, indicating improving valuation metrics [2][24].