Core Insights - The company reported strong revenue growth for Q1-Q3 2025, achieving revenue of 2.69 billion, net profit attributable to shareholders of 130 million, and net profit excluding non-recurring items of 130 million, representing year-on-year increases of 35.5%, 32.5%, and 36.9% respectively [1] - The company declared a cash dividend of 0.08 per share, yielding a dividend rate of 0.5% on the announcement date [1] Financial Performance - The gross margin for Q1-Q3 2025 was 22.2%, down 5.8 percentage points year-on-year, attributed to high growth in lower-margin new business areas [2] - The operating expense ratio was 15.0%, down 6.1 percentage points year-on-year, with sales, management, financial, and R&D expense ratios at 7.4%, 6.0%, -0.02%, and 1.6% respectively [2] - The net profit margin for Q1-Q3 was 5.0%, a slight decrease of 0.1 percentage points year-on-year, indicating stable profitability [2] Growth Momentum - The company is experiencing an upward business cycle that began in 2023, focusing on new areas such as oil and gas and power generation, while benefiting from centralized and digital procurement trends among state-owned enterprises [3] - The company is actively expanding its product lines and services, including the deployment of advanced technologies like drones for pipeline inspections and robotic projects [3] - Future profitability is expected to improve as the structure of new business areas optimizes, the proportion of proprietary products increases, and expenses are effectively controlled [3] Profit Forecast and Valuation - The company is positioned as a leader in the MRO sector for power grids, with a diverse product line and nationwide service network, and is expanding into four major areas including oil and petrochemicals [3] - Profit forecasts for 2025-2027 are maintained at 266 million, 316 million, and 359 million respectively, with a "buy" rating upheld [3]