SHANTUI(SZ:000680) China Post Securities·2026-03-16 04:12Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 14.62 billion yuan in 2025, a year-on-year increase of 2.82%, and a net profit attributable to shareholders of 1.211 billion yuan, up 9.86% year-on-year [5] - The company is focusing on major clients and projects in the domestic market while expanding its overseas presence, with 13 overseas subsidiaries established [6] - The company is advancing its strategies in mining, AI, and new energy, with successful product launches and a commitment to cost reduction and digital transformation [7] Financial Performance - The company's gross margin increased by 1.43 percentage points to 21.71% in 2025, while the operating expense ratio rose by 0.82 percentage points to 11.59% [6] - The projected revenues for 2026, 2027, and 2028 are 16.144 billion, 17.777 billion, and 19.516 billion yuan, respectively, with year-on-year growth rates of 10.43%, 10.11%, and 9.78% [8][9] - The estimated net profits for the same years are 1.499 billion, 1.829 billion, and 2.156 billion yuan, with growth rates of 23.77%, 22.04%, and 17.85% [8][9]