KINGLAND(SZ:002443) GUOTAI HAITONG SECURITIES·2025-11-13 12:53Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2025 decreased year-on-year, but there is a trend of quarterly improvement in performance [3] - The company has secured significant project orders, which are expected to contribute to performance growth in the future [3] - The target price for the company's stock has been raised to 9.57 yuan, based on a 1.4 times price-to-book (PB) valuation for 2025 [12][14] Financial Summary - Total revenue for 2025 is projected to be 5,611 million yuan, reflecting a 21.5% increase from 2024 [5] - Net profit attributable to shareholders is expected to be 138 million yuan in 2025, a decrease of 31.6% from 2024 [5] - Earnings per share (EPS) for 2025 is estimated at 0.26 yuan [5] - The return on equity (ROE) is projected to be 3.9% in 2025 [5] Business Developments - The company is participating in the construction of the first commercial long-distance hydrogen pipeline in China, which is expected to provide additional revenue [12] - A subsidiary has been established in Tibet to benefit from major hydropower project constructions, which are anticipated to generate orders for the company [12] - The company has formed a joint venture with Tianchuang Robotics to enhance production capabilities and product value [12]