Investment Rating - The report maintains an investment rating of "Buy" for the company [1] Core Insights - The company reported a significant increase in consolidated revenue for November, reaching 8.509 billion New Taiwan Dollars (approximately 1.923 billion RMB), which reflects a year-on-year increase of 169.57% and a month-on-month increase of 20.4% [2][4] - The strong revenue growth is attributed to the peak construction period of major engineering orders, particularly in the semiconductor sector, which accounted for 99% of new orders signed in the first five months of 2025 [2][3] - The company is expected to continue experiencing high revenue growth in the fourth quarter due to the recognition of engineering order revenues [3] Summary by Sections Revenue Performance - For the first eleven months of 2025, the company achieved a cumulative revenue of 67.238 billion New Taiwan Dollars (approximately 15.197 billion RMB), representing a year-on-year increase of 9.5% [2] - The combined revenue for October and November 2025 showed a year-on-year increase of 117.9%, building on a strong base from the third quarter [2] Order Book and Market Position - The company signed new orders totaling 95.8 billion New Taiwan Dollars in the first five months of 2025, a 39.1% increase compared to the entire year of 2024 [2] - The majority of new orders are concentrated in Southeast Asia, with a significant project in Singapore contributing to the order book [3] Profitability and Forecast - In the third quarter of 2025, the company reported a net profit of 282 million RMB, with a gross margin of 27.51%, reflecting a substantial year-on-year increase [4] - The report projects a compound annual growth rate (CAGR) of 27% for net profit from 2025 to 2027, with expected net profits of 791 million RMB, 1.017 billion RMB, and 1.303 billion RMB for the respective years [5] Valuation - The target price for the company's stock has been raised to 95.40 RMB, based on a 20x price-to-earnings (P/E) ratio for 2026, reflecting an increase from the previous target of 64.65 RMB [5]