Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady development with a focus on quality improvement and efficiency enhancement, diversifying its business operations [1] - The company achieved a revenue of 5.791 billion yuan in 2024, representing a year-on-year growth of 12.18%, while the net profit attributable to the parent company was 156 million yuan, up 1.59% year-on-year [4] - The company is transitioning from traditional energy equipment to new energy equipment, making breakthroughs in nuclear energy, hydrogen energy, and energy storage sectors [6] - The acquisition of a new materials company is expected to enhance the company's capabilities in high-end metal materials, which are in increasing demand due to the growth of strategic emerging industries [7] - The company has revised its profit forecast for 2025-2027, expecting revenues of 6.583 billion, 7.455 billion, and 8.467 billion yuan respectively, with net profits of 230 million, 264 million, and 296 million yuan [8] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 141 million yuan, a year-on-year increase of 52.30%, but a net profit decline of 56.08% due to changes in sales structure and increased competition in the traditional energy equipment market [5] - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 13.6% from 2024 to 2027 [11] Business Transformation - The company is successfully transforming from traditional manufacturing to green, low-carbon, and intelligent manufacturing, integrating new information technologies into its operations [6] - The company is the only domestic enterprise that covers the entire industrial chain from petrochemical and coal chemical engineering to high-end integrated equipment manufacturing and EPC comprehensive service capabilities [6] Market Outlook - The company expects to benefit from the significant growth in the domestic nuclear power industry, with its nuclear energy equipment covering the entire industrial chain [7] - The international market orders increased by 41.09% year-on-year in 2024, indicating a successful expansion into global markets [6]