Huaxin Securities·2025-12-19 07:48Investment Rating - The report maintains a "Buy" investment rating for the company [2][7] Core Insights - The company has shown continuous growth supported by a robust order backlog, with a revenue of 55.52 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.03%. The net profit attributable to shareholders reached 2.966 billion yuan, up 13.02% year-on-year. New effective orders amounted to 88.583 billion yuan, a 9.0% increase year-on-year [5][6] - The demand for gas turbines is surging, particularly in the U.S., driven by the rapid growth of AIDC (Artificial Intelligence Data Center) needs. The company has successfully entered overseas markets with its self-developed G50 heavy-duty gas turbine, marking a significant milestone with an order for a 50 MW combined cycle power project in Kazakhstan [6] - Revenue forecasts for the company are projected at 81.2 billion yuan in 2025, 88.3 billion yuan in 2026, and 89.6 billion yuan in 2027, with corresponding EPS of 1.15, 1.37, and 1.52 yuan. The current stock price corresponds to a PE ratio of 19.6, 16.5, and 14.8 for the respective years [7][9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 55.52 billion yuan, a 16.03% increase year-on-year, and a net profit of 2.966 billion yuan, up 13.02% year-on-year. The order backlog includes 88.583 billion yuan in new effective orders, with significant contributions from clean energy equipment and renewable energy orders [5][6] Market Opportunities - The company is positioned to benefit from the growing demand for gas turbines, particularly in the U.S. market, where major tech companies are increasingly adopting gas turbines as primary or backup power sources for new data centers. The company has made significant strides in international markets, achieving its first complete gas turbine export [6] Earnings Forecast - The company is expected to see revenues of 81.24 billion yuan in 2025, with a growth rate of 16.6%, and further growth in subsequent years. The projected EPS for 2025 is 1.15 yuan, with a PE ratio of 19.6, indicating a favorable valuation relative to expected earnings growth [7][9]