中际联合点评报告：年报预告符合预期，2025年归母净利润同比增长59%-75%

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 500 million to 550 million yuan in 2025, representing a year-on-year growth of 59% to 75% [1] - The growth in net profit is primarily driven by the rapid expansion of the wind power industry, improved order structure, and enhanced cost competitiveness through internal capability building [2][3] - The company is positioned as a leader in high-altitude safety equipment for wind power, with significant growth potential in both domestic and overseas markets [2] - The company is also expanding into multiple sectors, including industrial and construction, emergency rescue, and power grids, with new products expected to drive future growth [3] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 1.845 billion, 2.103 billion, and 2.372 billion yuan, respectively, with year-on-year growth rates of 42%, 14%, and 13% [5] - The estimated net profits for the same years are approximately 521 million, 628 million, and 728 million yuan, with growth rates of 66%, 20%, and 16% [5] - The company's price-to-earnings (P/E) ratios are projected to be 18, 15, and 13 for 2025, 2026, and 2027, respectively [5]