Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing steady demand release across multiple sectors such as energy, water conservancy, and transportation, leading to a year-on-year growth of 11% in non-recurring earnings [3] - The company has established a mature technical system and application experience in conventional hydropower, pumped storage, and nuclear power monitoring, providing a competitive advantage in product reliability and system integration [3] - The company’s core business, smart monitoring terminals, generated revenue of 317 million yuan in 2025, accounting for 77.65% of total revenue, with a gross margin of 59.93% [8] - The company is well-positioned to benefit from long-term demand in infrastructure digitalization and safety monitoring in the energy, water conservancy, and transportation sectors [9] Financial Performance Summary - Total revenue for 2025 is projected to be 4.08 billion yuan, with a year-on-year increase of 14.32% [8] - The net profit attributable to the parent company is expected to be 826 million yuan in 2025, reflecting a year-on-year growth of 7.26% [8] - Earnings per share (EPS) for 2025 is estimated at 0.49 yuan, with a price-to-earnings (P/E) ratio of 39.80 [1][10] - The company’s gross margin is projected to be 52.72% in 2025, with a slight decline from the previous year [10]

Group 1 - The core viewpoint is that the infrastructure sector has long-term growth potential for digitalization, and the company plans to increase resource investment in this area [1] - The company aims to continuously refine its products to further expand market share [1] - The focus is on driving sustained business growth through these initiatives [1]