浙江交科（002061）：新签订单实现较快增长，毛利率短暂承压拖累业绩

Investment Rating - The investment rating for the company is "Buy" [6][18] Core Views - The company has experienced rapid growth in new orders, with a significant increase of 571% year-on-year in Q3 2025, reaching 284.4 billion [2] - Despite a steady revenue growth of 2.5% year-on-year for the first three quarters of 2025, the company's net profit has declined by approximately 14.83% [1][3] - The company is focusing on expanding its business across five major sectors: transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [2] Financial Performance Summary - For the first three quarters of 2025, the company's revenue was 314.2 billion, with a net profit of 7.15 billion, reflecting a decline in profitability [1] - The gross margin for the first three quarters was 8%, a decrease of 0.13 percentage points year-on-year, while the Q3 gross margin was 7.06%, down 1.13 percentage points [3] - The operating cash flow has improved, with a net outflow of 7.91 billion, which is 22.97 billion less than the previous year [3] Financial Data and Valuation - The projected net profit for 2025 is 12 billion, with corresponding P/E ratios of 9.6, 7.7, and 7 for the years 2025 to 2027 [1][5] - The company's total revenue is expected to grow from 46,045.70 million in 2023 to 58,095.82 million by 2027, with a compound annual growth rate of approximately 9.08% [5][12] - The company's P/E ratio is projected to be 9.60 for 2025, indicating a relatively attractive valuation compared to historical performance [5][12]