HPEC(SH:600312) Minsheng Securities·2025-10-22 15:19Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 8.436 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 6.98%, and a net profit attributable to shareholders of 982 million yuan, up 14.62% year-on-year [1] - The gross margin and net margin for the first three quarters of 2025 improved, reaching 25.09% and 12.54% respectively, with a decrease in sales and management expense ratios [2] - The company’s inventory increased to 2.508 billion yuan, providing support for future business growth [2] - The company is expected to benefit from the ongoing bidding for ultra-high voltage projects by the State Grid, with significant contracts won recently [3] - Revenue projections for 2025-2027 are 13.764 billion, 15.327 billion, and 17.032 billion yuan, with corresponding growth rates of 11.0%, 11.4%, and 11.1% [3] Financial Summary - For 2025, the company is projected to have a net profit of 1.304 billion yuan, with a growth rate of 27.4% [5] - The earnings per share (EPS) for 2025 is estimated at 0.96 yuan, with a price-to-earnings (PE) ratio of 17 [5] - The company’s financial indicators show a continuous improvement in profitability, with a projected return on equity (ROE) of 11.44% in 2025 [11]