Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Insights - The company reported a revenue of 2.695 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 35.47%. The net profit attributable to the parent company was 128 million yuan, up 32.45% year-on-year [5]. - In Q3 2025, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 38.02%, with a net profit of 67 million yuan, reflecting a growth of 22.71% year-on-year [5]. - The company's Q3 gross margin was 21.41%, down 5.90 percentage points year-on-year, primarily due to a shift in customer structure towards lower-margin strategic industry clients [6]. - The company is expected to continue its growth trajectory in the MRO industry, with projected revenues of 4.52 billion yuan and 6.03 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 25.3% and 33.4% [7]. Financial Performance - The company’s total market capitalization is 6.7 billion yuan, with a total share capital of 410 million shares [4]. - The company’s PE ratio is 29.60, with a projected PE of 25.4X and 21.4X for 2025 and 2026, respectively [4][7]. - The operating cash flow for Q3 was 117 million yuan, an increase of 59 million yuan year-on-year [6]. Revenue and Profit Forecast - The forecast for the company's revenue and net profit for the upcoming years is as follows: - 2025E Revenue: 4.52 billion yuan, Net Profit: 263.47 million yuan - 2026E Revenue: 6.03 billion yuan, Net Profit: 312.73 million yuan [9][12].