YINGLIU(SH:603308) Guohai Securities·2025-11-04 07:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in its financial performance, with a notable increase in both revenue and net profit for the first three quarters of 2025. Revenue reached 2.121 billion yuan, up 11.02% year-on-year, while net profit attributable to shareholders increased by 29.59% to 294 million yuan [4][6] - The company is actively expanding its industrial chain in the processing and coating of blade casings and nuclear materials, with plans to raise 1.5 billion yuan for these projects [6][11] Financial Performance Summary - For Q3 2025, the company reported a revenue of 738 million yuan, reflecting a year-on-year increase of 14.80% and a quarter-on-quarter increase of 2.29%. The net profit attributable to shareholders for the same period was 106 million yuan, up 41.10% year-on-year [7] - The company's gross profit margin improved to 38.03%, an increase of 5.07 percentage points year-on-year, while the net profit margin reached 13.68%, up 2.80 percentage points year-on-year [7][10] - The company’s operating cash flow for Q3 was positive at 92 million yuan, indicating strong operational efficiency [7] Future Projections - The company is expected to achieve revenues of 3.041 billion yuan, 3.867 billion yuan, and 5.011 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 408 million yuan, 587 million yuan, and 827 million yuan [11][13] - The report anticipates a robust growth trajectory, with revenue growth rates of 21%, 27%, and 30% for the next three years [13]