Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has shown steady revenue growth, with a reported revenue of 6.795 billion in the first three quarters of 2025, representing a year-on-year increase of 5.61%. However, the net profit attributable to the parent company was 365 million, reflecting a 14.97% increase, while the non-recurring net profit decreased by 12.22% [1]. - The company has a strong order intake, with new signed orders amounting to 730 million in Q3 2025, despite a year-on-year decline of 79%. The total amount of uncontracted orders reached 5.529 billion, indicating an 81.2% year-on-year growth in total orders [2]. - The gross margin has faced temporary pressure, with a gross margin of 7.7% for the first three quarters of 2025, down 0.38 percentage points year-on-year. The Q3 gross margin was 4.32%, down 3.05 percentage points year-on-year [3]. Financial Performance Summary - The company is projected to achieve net profits of 487 million, 565 million, and 651 million for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 17, 14.7, and 12.8 [1]. - The financial data indicates a steady increase in revenue, with projected revenues of 7.558 billion, 8.862 billion, and 10.361 billion for 2023, 2024, and 2025, respectively, reflecting growth rates of 21.24%, 17.25%, and 16.92% [5][11]. - The company’s net profit margin for the first three quarters of 2025 was 5.34%, an increase of 0.49 percentage points year-on-year, while the Q3 net profit margin was 6.05%, up 0.86 percentage points year-on-year [3].