Investment Rating - The report does not specify an explicit investment rating for the company [1] Core Insights - The company achieved significant growth in total operating revenue and net profit in the first three quarters of 2025, with total revenue reaching 1.47 billion yuan, a year-on-year increase of 91.13%, and net profit attributable to the parent company reaching 124 million yuan, a year-on-year increase of 267.14% [1] - The company is actively expanding its overseas market presence, having signed a major contract for a power plant project in Vietnam worth approximately 181 million yuan [2] - The flexibility transformation of coal-fired power plants is expected to accelerate, which may benefit the company as it develops intelligent solutions for energy management and equipment operation [2] - Revenue forecasts for 2025-2027 are projected at 1.73 billion yuan, 2.17 billion yuan, and 2.61 billion yuan, with corresponding growth rates of 31.7%, 25.3%, and 20.2% [2] Financial Summary - Total operating revenue is projected to grow from 1.03 billion yuan in 2023 to 2.61 billion yuan in 2027, with a compound annual growth rate of 20.2% [3] - Net profit attributable to the parent company is expected to increase from 87 million yuan in 2023 to 293 million yuan in 2027, reflecting a significant growth trajectory [3] - The company's gross margin is expected to stabilize around 33% over the forecast period [3] - The return on equity (ROE) is projected to rise from 9.9% in 2023 to 32.8% in 2027, indicating improved profitability [3]