China XD(SH:601179) Soochow Securities·2025-10-25 13:37Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1-Q3 2025 is in line with market expectations, with revenue of 17 billion and a year-on-year increase of 11.5%, and a net profit of 940 million, up 19.3% year-on-year [8] - The company's main business shows stable growth, driven by accelerated approvals for ultra-high voltage projects, which are expected to boost order growth [8] - The company is a leader in solid-state transformer technology and has begun mass production, positioning itself for future demand in data center projects [8] - The company has good cost control, with a significant backlog of orders, indicating strong future revenue potential [8] - Profit forecasts for 2025-2027 show a net profit of 1.497 billion, 1.769 billion, and 2.052 billion respectively, with corresponding P/E ratios of 24x, 21x, and 18x [8] Financial Summary - Total revenue is projected to reach 24.476 billion in 2025, with a year-on-year growth of 9.85% [1] - The net profit attributable to shareholders is expected to be 1.497 billion in 2025, reflecting a year-on-year increase of 42.04% [1] - The latest diluted EPS is forecasted to be 0.29 in 2025, with a steady increase in subsequent years [1] - The company's asset-liability ratio is 46.26%, indicating a stable financial structure [6]