Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company achieved a year-on-year revenue growth of 41.1% in Q3 2025, with significant improvements in profitability, driven by strong performance in its "two-machine" business segment [2][7]. - The report highlights the company's strategic focus on four major future industrial directions, which include aviation engines, gas turbines, nuclear energy new materials, and low-altitude economy, positioning it well for long-term growth [7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024A is 2,513 million, increasing to 2,985 million in 2025E, 3,574 million in 2026E, and 4,880 million in 2027E, with respective growth rates of 4.2%, 18.8%, 19.7%, and 36.5% [3]. - **Net Profit Forecasts**: Expected net profit for 2024A is 286 million, rising to 401 million in 2025E, 529 million in 2026E, and 736 million in 2027E, with growth rates of -5.6%, 40.0%, 32.0%, and 39.1% respectively [3]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.42 yuan for 2024A, increasing to 0.59 yuan in 2025E, 0.78 yuan in 2026E, and 1.08 yuan in 2027E [3]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 97 in 2024A to 38 in 2027E, while the price-to-book (P/B) ratio is projected to decline from 6.0 to 4.5 over the same period [3]. Business Segment Performance - The "two-machine" business segment has shown robust growth, with Q3 2025 revenue increasing by 14.80% year-on-year and net profit rising by 41.10% year-on-year, indicating a strong demand and successful order fulfillment [7]. - The company is also expanding into emerging fields such as nuclear energy and low-altitude operations, which are expected to contribute positively to future profitability [7].