XZCE(SZ:002534) Xinda Securities·2025-11-04 09:18Investment Rating - The report does not specify an investment rating for the company [1] Core Insights - The company's operating cash flow has significantly improved, with a net cash flow of 348 million yuan in the first three quarters of 2025, a notable increase compared to the same period in 2024 [4] - The company experienced a decline in revenue and net profit due to delayed delivery of boiler equipment and a significant drop in net profit from the previous year [4] - The company is actively expanding into overseas markets and the nuclear power sector, which presents growth opportunities [4] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 4.333 billion yuan, a year-on-year decrease of 11.2%, and a net profit attributable to shareholders of 177 million yuan, down 58.31% [1][4] - The company’s total revenue for 2025 is projected to be 7.067 billion yuan, with a growth rate of 9.8% [6] - The net profit attributable to shareholders is expected to be 459 million yuan in 2025, reflecting a growth rate of 4.3% [6] Order and Market Expansion Summary - The company has a sufficient backlog of orders, with total orders on hand amounting to 5.884 billion yuan, although this represents a year-on-year decrease of 8.26% [4] - New orders in Q3 2025 totaled 1.27 billion yuan, a slight increase of 0.85% year-on-year [4] - The company is focusing on expanding its presence in the renewable energy and storage markets, as well as the nuclear power sector, by enhancing its manufacturing capabilities [4]