Core Insights - The company demonstrated strong growth in both revenue and profit, with a significant increase in net profit and a robust sales performance in its main product line, carbon fiber equipment [1][2] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.343 billion yuan, a year-on-year increase of 13.70%, primarily driven by sales of carbon fiber equipment. The net profit attributable to shareholders reached 145 million yuan, up 98.18%, while the net profit excluding non-recurring items was 122 million yuan, an increase of 97.05%. In Q3 alone, revenue was 282 million yuan, reflecting a year-on-year growth of 28.53%, with net profit soaring to 31 million yuan, a 224.44% increase [1] - The gross margin for Q1-Q3 2025 was 29.78%, up 5.41 percentage points year-on-year, while Q3 gross margin reached 34.21%, an increase of 16.12 percentage points year-on-year and 8.39 percentage points quarter-on-quarter [2] Cost Management - The company maintained effective cost control, with a total expense ratio of 18.39% for Q1-Q3 2025, an increase of 1.79 percentage points year-on-year. In Q3, the expense ratio was 30.81%, down 2.18 percentage points year-on-year [2] Competitive Advantage - The company holds a leading position in various fields, including carbon fiber new material equipment and polyester recycling equipment, with high brand recognition and market share. It has established a comprehensive layout from "equipment - materials - applications," achieving domestic production and large-scale delivery of carbon fiber complete line equipment [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 2.052 billion yuan, 2.455 billion yuan, and 2.979 billion yuan, respectively. The net profit attributable to shareholders is forecasted to be 225 million yuan, 278 million yuan, and 337 million yuan, with corresponding EPS of 0.43 yuan, 0.53 yuan, and 0.65 yuan per share, and PE ratios of 48, 38, and 32 times [4]