SUNWAY(SZ:002469) CAITONG SECURITIES·2025-10-29 12:43Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.941 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.63%. The net profit attributable to shareholders was 153 million yuan, up 5.14% year-on-year [7] - New orders maintained high growth, with a total of 1.02 billion yuan in new contracts signed in the first three quarters, a year-on-year increase of 135.83%. The company has sufficient backlog orders to support stable operations [7] - The company's profitability has declined, with a decrease in operating cash flow compared to the previous year. The gross profit margin for the first three quarters was 17.77%, down 1.98 percentage points year-on-year [7] Financial Performance Summary - Revenue Forecast: - 2023A: 2,657 million yuan - 2024A: 2,554 million yuan - 2025E: 2,762 million yuan - 2026E: 3,228 million yuan - 2027E: 3,764 million yuan - Net Profit Forecast: - 2023A: 282 million yuan - 2024A: 263 million yuan - 2025E: 302 million yuan - 2026E: 394 million yuan - 2027E: 504 million yuan - EPS Forecast: - 2023A: 0.43 yuan - 2024A: 0.40 yuan - 2025E: 0.47 yuan - 2026E: 0.61 yuan - 2027E: 0.78 yuan [6][8] Investment Recommendations - The company is expected to achieve net profits of 302 million yuan, 394 million yuan, and 504 million yuan for the years 2025 to 2027, corresponding to PE ratios of 17.9, 13.8, and 10.7 respectively. The recommendation remains "Accumulate" [7]