Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has seen significant growth in revenue and non-recurring profit in Q2 2025, indicating an improvement in operational capabilities that may enhance company value [1][9] - The company secured new orders worth 9.881 billion yuan in the first half of 2025, representing a year-on-year increase of 37.65%, suggesting strong performance expectations for 2025-2026 [2] Financial Performance Summary - For 2023A, the company reported revenue of 13,912 million yuan, with a year-on-year growth of 21.9%. The projected revenue for 2025E is 17,014 million yuan, reflecting a growth of 27.4% [3] - The company's net profit attributable to the parent company for 2023A was 2,454 million yuan, with a year-on-year growth of 9.3%. The forecast for 2025E is 3,153 million yuan, indicating a growth of 20.0% [3] - The gross margin for 2025E is projected to be 34.1%, up from 32.8% in 2023A, showing an improvement in profitability [3] - The net profit margin is expected to be 18.5% in 2025E, compared to 17.6% in 2023A, indicating a positive trend in profitability [3] Operational Insights - The company has demonstrated strong growth in natural gas and overseas revenues, with natural gas-related income increasing by 112.69% year-on-year in the first half of 2025 [9] - The gross margin for oil and gas engineering and technical services improved to 23.74% in the first half of 2025, up 6.62 percentage points year-on-year, reflecting enhanced cost control capabilities [9] - Operating cash flow for the first half of 2025 reached 3.144 billion yuan, a year-on-year increase of 196.36%, indicating improved cash management and operational efficiency [9]