SHANTUI(SZ:000680) China Post Securities·2026-03-16 05:24Investment 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, representing a year-on-year increase of 2.82%. The net profit attributable to shareholders was 1.21 billion yuan, up 9.86% year-on-year, while the net profit after deducting non-recurring items was 1.19 billion yuan, increasing by 20.28% year-on-year [5] - The company has shown steady growth with improvements in gross margin and expense ratios. The gross margin for 2025 increased by 1.43 percentage points to 21.71%, and the expense ratio rose by 0.82 percentage points to 11.59% [6] - The company is focusing on expanding its overseas market presence while consolidating its domestic market through strategic initiatives targeting major clients and projects [6] - The company is advancing its strategies in mining, AI, and new energy, with successful product launches and a commitment to cost reduction and efficiency improvements through digital transformation [7] Financial Performance - The company forecasts revenues of 16.14 billion yuan, 17.78 billion yuan, and 19.52 billion yuan for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 10.43%, 10.11%, and 9.78% [8] - The net profit attributable to shareholders is projected to be 1.50 billion yuan, 1.83 billion yuan, and 2.16 billion yuan for the same years, with growth rates of 23.77%, 22.04%, and 17.85% [8] - The company's price-to-earnings (P/E) ratios for 2026, 2027, and 2028 are estimated to be 11.96, 9.80, and 8.32, respectively [8]