Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance exceeded market expectations, with revenue of 5.33 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 899 million yuan, up 49% year-on-year [8] - The overseas market is experiencing high demand, leading to a sequential improvement in the company's profitability, with expectations of maintaining over 50% of overseas orders for the year [8] - The domestic market remains stable, with significant growth potential in the energy storage sector, where the company has secured approximately 2.4 GWh of orders, ranking among the top 10 in the country [8] Financial Forecasts - Total revenue is projected to reach 12.46 billion yuan in 2023, increasing to 34.67 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 25.36% [1] - Net profit attributable to shareholders is expected to grow from 1.56 billion yuan in 2023 to 5.28 billion yuan in 2027, with a CAGR of 29.81% [1] - The latest diluted EPS is forecasted to rise from 2.00 yuan in 2023 to 6.76 yuan in 2027, reflecting strong earnings growth [1] Market Position and Strategy - The company has solidified its market share in the domestic grid sector, benefiting from breakthroughs in 750kV GIS equipment, with a total bid amount of 4.773 billion yuan in the first four batches of state grid tenders, an increase of 84% year-on-year [8] - The company is diversifying its market presence, with expectations of robust growth in the energy storage business, supported by strong downstream demand [8] - Increased investment in market expansion has led to a significant rise in inventory and contract liabilities, indicating a solid foundation for continued growth [8]