East Money Securities·2026-04-01 05:29Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][5]. Core Insights - The company reported a 1.3% year-on-year increase in new orders, with significant growth in emerging business sectors, particularly in green energy and new industries, which saw increases of 5.76% and 17.08% respectively [4]. - Despite a decline in overall revenue by 3.50% year-on-year to 1,029.784 billion yuan, the company’s net profit attributable to shareholders decreased by 17.34% to 18.363 billion yuan [4]. - The financial expenses increased due to rising debt levels, impacting profitability, with a notable rise in financial costs in Q4 [4]. - The company’s operating cash flow improved significantly, with a year-on-year increase of 343.8 billion yuan, reaching 29.6 billion yuan [4]. - The report highlights a positive outlook for valuation recovery, driven by government policies and the company's active participation in green energy and mining operations [4][5]. Financial Summary - For 2025, the company achieved total revenue of 1,029.784 billion yuan and a net profit of 18.363 billion yuan, with projections for 2026-2028 showing a gradual recovery in net profit to 19.451 billion yuan, 20.574 billion yuan, and 21.883 billion yuan respectively [6][11]. - The projected earnings per share (EPS) for 2026-2028 are 1.43 yuan, 1.52 yuan, and 1.61 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 4.91, 4.65, and 4.37 [6][11]. - The company’s gross margin is expected to improve slightly from 9.72% in 2025 to 10.27% by 2028, reflecting a gradual recovery in profitability [12].