Hua Yuan Zheng Quan·2025-12-01 10:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights an improvement in gross margin and stable growth in orders on hand, indicating a positive outlook for the company's performance [4][6] - The company achieved a revenue of 54.74 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 16.4%, with a net profit of 2.97 billion yuan, up 13.0% year-on-year [6] - The report anticipates a peak in coal and nuclear power deliveries in 2025, which could significantly enhance the company's performance [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 59.57 billion yuan - 2024: 68.59 billion yuan (growth of 9.94%) - 2025E: 82.43 billion yuan (growth of 20.18%) - 2026E: 87.34 billion yuan (growth of 5.95%) - 2027E: 91.09 billion yuan (growth of 4.30%) [5] - Net profit forecasts are: - 2023: 3.55 billion yuan - 2024: 2.92 billion yuan (decline of 17.70%) - 2025E: 4.06 billion yuan (growth of 38.91%) - 2026E: 4.73 billion yuan (growth of 16.54%) - 2027E: 5.44 billion yuan (growth of 15.08%) [5] - The company's gross margin for Q3 2025 was 15.2%, showing a quarter-on-quarter improvement [6] - The total effective orders for the first three quarters of 2025 reached 88.58 billion yuan, a year-on-year increase of 9.0% [6]