Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.543 billion yuan for 2025, reflecting a year-over-year increase of 10.28%, while the net profit attributable to shareholders was 252 million yuan, down 4.37% year-over-year [4][8] - The company is positioned as a core supplier of high-end forgings, benefiting from dual growth drivers in military and civilian sectors, with a focus on aerospace and energy markets [8] - The company’s profitability is under short-term pressure, with a gross margin of 15.76% in 2025, down from 18.68% in the previous year, but is expected to achieve steady growth in the long term [8] Financial Data Summary - For 2025, the company achieved total revenue of 35.43 billion yuan, with a breakdown showing aerospace forgings at 9.04 billion yuan (up 7.60% year-over-year), and power forgings at 13.89 billion yuan (up 25.37% year-over-year) [8] - The company’s net profit for 2026 is projected to be 400 million yuan, with a further increase to 471 million yuan in 2027 and 554 million yuan in 2028 [6][10] - The company’s earnings per share are expected to rise from 2.08 yuan in 2025 to 4.57 yuan by 2028 [6][10]