GDTC(SH:688186) Orient Securities·2025-11-10 01:05Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.08 CNY based on a PE valuation of 18X for comparable companies in 2026 [4][6]. Core Insights - The company has shown significant performance growth driven by the booming wind power sector, with a notable increase in high-end materials potentially enhancing profit margins [2][10]. - The company's net profit for the first three quarters of 2025 reached approximately 249 million CNY, reflecting a substantial year-on-year growth of 213.65% [10]. - The report highlights the expected continuation of profit growth due to the release of production capacity and cost reduction initiatives, particularly in the offshore wind power segment [10]. Financial Performance Summary - The company's projected revenue for 2025 is 5.468 billion CNY, representing a year-on-year growth of 36.6% [4][13]. - The net profit attributable to the parent company is forecasted to be 318 million CNY in 2025, with a remarkable growth rate of 177.2% compared to the previous year [4][13]. - The gross margin is expected to improve to 20.8% in 2025, with net profit margin reaching 5.8% [4][13]. - The company's earnings per share (EPS) is projected to be 1.13 CNY in 2025, increasing to 2.03 CNY by 2027 [4][13].