NARI-TECH(SH:600406) Shenwan Hongyuan Securities·2025-11-16 09:46Investment Rating - The report maintains a "Buy" rating for Guodian Nari (600406) [1] Core Views - The company's performance is steadily improving, with a continuous increase in contract liabilities. As of Q3 2025, the company achieved a total revenue of 38.577 billion yuan, representing an 18.45% year-on-year growth, and a net profit attributable to shareholders of 4.855 billion yuan, up 8.43% year-on-year [6] - The gross profit margin has slightly declined due to a higher proportion of lower-margin external business revenue, with a gross margin of 26.47% for the first three quarters of 2025, down 2.79 percentage points year-on-year [6] - The company has seen significant growth in overseas business, with overseas revenue reaching 1.987 billion yuan in the first half of 2025, a 139.18% increase year-on-year [6] - The report includes new profit forecasts for 2025-2027, projecting net profits of 8.354 billion, 9.344 billion, and 10.197 billion yuan respectively, with corresponding EPS of 1.04, 1.16, and 1.27 yuan per share [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 64.567 billion yuan, with a year-on-year growth rate of 12.5% [5] - The net profit attributable to shareholders for 2025 is projected to be 8.354 billion yuan, reflecting a 9.8% year-on-year increase [5] - The company’s gross margin is expected to stabilize around 26.5% for 2025, with a return on equity (ROE) of 14.5% [5] - The price-to-earnings (PE) ratio for 2025 is estimated at 23 times [5]