YINGLIU(SH:603308) Changjiang Securities·2025-11-11 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has achieved continuous high growth in performance, with a revenue of 2.121 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.02%. The net profit attributable to the parent company reached 294 million yuan, up 29.59% year-on-year. In Q3 2025, revenue was 738 million yuan, a 14.80% increase year-on-year, and net profit was 106 million yuan, up 41.10% year-on-year [6][12]. - The company is expanding its business in the two-machine sector, with significant order growth expected, driven by strong demand in nuclear energy and low-altitude economy sectors. The platform expansion strategy is viewed positively [2][12]. Summary by Sections Business Overview - The company has extended its main business to include high-temperature alloy products, precision cast steel parts, nuclear power, and other large cast steel components, covering high-end components, aerospace technology, and advanced materials [2]. - The company has developed a rich reserve of products, with 809 varieties completed and 129 under development as of June 2025. The inventory stood at 2.38 billion yuan, and contract liabilities were 206 million yuan as of September 2025, indicating a solid order backlog [12]. Financial Performance - The company reported a gross profit margin of 38.03% in Q3 2025, an increase of over 5 percentage points year-on-year, and a net profit margin of 13.68%, showing continued improvement in profitability [12]. - Forecasts for net profit attributable to the parent company are 430 million yuan and 600 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 63 and 45 times [12]. Market Position and Strategy - The company has established itself as a key player in the global two-machine industry supply chain, signing strategic cooperation agreements with major firms such as Siemens Energy, Safran Group, and Rolls-Royce [12]. - The company is focusing on high-end product and capacity construction, aiming to build a comprehensive high-end product and capacity industrial system [12].