KTK GROUP(SH:603680) China Post Securities·2025-12-24 07:50Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][11]. Core Insights - The company is a leading enterprise in the rail transit equipment sector, specializing in the research, production, sales, and service of rail transit vehicle supporting products, with a comprehensive service capability from design to delivery [4]. - In the first three quarters of 2025, the company achieved a revenue of 3.516 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 493 million yuan, up 69.79% year-on-year [5]. - The establishment of a new aerospace investment company marks the company's entry into the commercial aerospace sector, which is expected to provide new growth opportunities [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 5.537 billion yuan, 6.312 billion yuan, and 6.975 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23.06%, 13.99%, and 10.51% [6][9]. - The net profit attributable to shareholders is expected to reach 607 million yuan, 669 million yuan, and 746 million yuan for the same years, with growth rates of 100.87%, 10.24%, and 11.52% respectively [6][9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 17.95 in 2025 to 14.60 in 2027, indicating an improving valuation [6][9].