NARI-TECH(SH:600406) Huaan Securities·2025-11-04 14:56Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 38.577 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.45%. The net profit attributable to shareholders was 4.855 billion yuan, up 8.43% year-on-year [5] - The company's contract liabilities increased by 53.67% year-on-year, which is expected to support steady growth in performance [6] - The company has secured new contracts worth 35.432 billion yuan in the first half of the year, a year-on-year increase of 23.46%, indicating a solid market share in domestic and international markets [6] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 14.333 billion yuan, a year-on-year increase of 16.65%, and a net profit of 1.903 billion yuan, up 7.81% year-on-year [5] - The gross profit margin for the first three quarters of 2025 was 26.47%, a decrease of 2.79 percentage points year-on-year, while the Q3 gross profit margin was 26.50%, down 3.13 percentage points year-on-year [5] - The projected revenues for 2025 to 2027 are 64.732 billion yuan, 72.659 billion yuan, and 81.699 billion yuan respectively, with net profits of 8.166 billion yuan, 8.922 billion yuan, and 9.928 billion yuan [7] Market Position and Outlook - The company has made significant progress in expanding its overseas business, with international contracts increasing by over 200% year-on-year, and contracts outside the State Grid accounting for over 50% of total contracts [6] - The company is expected to maintain a steady growth trajectory, supported by a robust order book and a strong pipeline of new contracts [7]