HANGYANG LIMITED(SZ:002430) EBSCN·2025-11-24 05:59Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady revenue growth, with a 10.4% year-on-year increase in revenue to 11.43 billion yuan and a 12.1% increase in net profit to 760 million yuan for the first three quarters of 2025 [1] - The company is expanding its overseas business, achieving a 78.9% year-on-year increase in overseas revenue to 290 million yuan in the first half of 2025, and has secured significant contracts in Africa and Europe [2] - The company has successfully won a bid for a low-temperature nitrogen system project in the nuclear fusion field, indicating strong recognition of its capabilities in this emerging sector [3] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 4.1 billion yuan, a 13.1% increase year-on-year, and a net profit of 280 million yuan, up 16.8% year-on-year. The gross margin was 20.5%, up 0.6 percentage points, and the net margin was 7.7%, up 0.5 percentage points [1] Overseas Expansion - The company has made significant strides in international markets, including signing a contract for a 22,000 cubic meter air separation project in Africa and receiving an order for 100 large-volume low-temperature tanks from overseas clients [2] Nuclear Fusion Sector - The successful bid for the low-temperature nitrogen system project for the BEST nuclear fusion experimental device highlights the company's growing presence and expertise in the nuclear fusion sector, with increased bidding activity in this area [3] Profit Forecast and Valuation - The report slightly lowers the profit forecast for 2025-2027 by 5.5%, 2.3%, and 0.4% to 1.06 billion, 1.29 billion, and 1.49 billion yuan respectively, with corresponding EPS estimates of 1.09, 1.31, and 1.52 yuan [4][5]