Investment Rating - The report maintains a "Buy" rating for the company with a target price of 86.10 CNY, based on a 21x PE ratio for 2025 [3][6]. Core Insights - The company's earnings per share (EPS) are projected to be 4.10 CNY, 4.89 CNY, and 5.94 CNY for the years 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3]. - The company has demonstrated a commitment to risk control, which has allowed it to navigate challenges in the South American market effectively [11]. - The report highlights a significant improvement in profitability, with a net profit of 334 million CNY in Q3 2025, reflecting a year-on-year growth of 109.13% [11]. Financial Summary - The company's revenue is expected to grow from 11,485 million CNY in 2023 to 19,900 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 14.5% [5][13]. - Operating profit is projected to increase from 945 million CNY in 2023 to 2,246 million CNY in 2027, with a notable growth rate of 248.7% in 2025 [5][13]. - The gross margin is expected to improve from 21.2% in 2023 to 21.9% in 2027, indicating ongoing operational efficiency [5][13]. - The net profit attributable to the parent company is forecasted to rise from 771 million CNY in 2023 to 1,668 million CNY in 2027, with a significant growth of 155.9% in 2025 [5][13].