Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company has shown rapid growth in its external business, particularly in the renewable energy sector, which is expected to enhance grid safety services [3] - For the first three quarters of 2025, the company reported a revenue of 38.58 billion yuan, an increase of 18.5% year-on-year, and a net profit attributable to shareholders of 4.86 billion yuan, up 8.4% year-on-year [3] - The company is expected to maintain a steady growth trajectory, with projected revenues of 64.63 billion yuan, 72.48 billion yuan, and 80.60 billion yuan for 2025, 2026, and 2027 respectively [5] Summary by Sections Company Overview - Latest closing price is 25.05 yuan, with a total market capitalization of 201.2 billion yuan [2] - The company has a total share capital of 8.032 billion shares, with a debt-to-asset ratio of 43.2% [2] Financial Performance - In Q3 2025, the company achieved a revenue of 14.33 billion yuan, with a year-on-year increase of 16.7% [3] - The gross margin and net margin for the first three quarters of 2025 were 26.5% and 13.3% respectively, reflecting a slight decline compared to the previous year [3] - The company has successfully reduced its sales, management, and R&D expense ratios, contributing to improved profitability [3] Business Segments - The company has solidified its market share in the domestic grid sector while experiencing significant growth in external and international markets, including projects in Saudi Arabia and South America [4] - The company has secured contracts for energy storage and pumped storage projects, indicating a strong pipeline for future revenue [4] Earnings Forecast - The forecast for the company's net profit attributable to shareholders is 8.34 billion yuan for 2025, 9.41 billion yuan for 2026, and 10.65 billion yuan for 2027, with corresponding P/E ratios of 24, 21, and 19 [5][7]