Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Insights - The company is experiencing dual growth drivers, with significant contributions from both domestic and international markets, leading to a stable growth pattern of "domestic core business steady growth + rapid overseas expansion" [2] - High R&D investment is strengthening the company's competitive edge through the development of proprietary products and digital management optimization [3] - The company's financial health is robust, with a high dividend policy reflecting confidence in future performance [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 1.111 billion yuan, a year-on-year increase of 38.02%, and a net profit attributable to shareholders of 67 million yuan, up 22.71% year-on-year [1] - The company forecasts revenues of 4.350 billion yuan, 5.164 billion yuan, and 6.056 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.69 yuan, 0.86 yuan, and 1.05 yuan [10][12] Market Expansion - The company has made significant breakthroughs in domestic new fields, with rapid revenue growth in oil and gas, power generation, and emerging e-commerce sectors, while maintaining stable gross margins in its core grid business [2] - The overseas business saw explosive growth, with revenue of 20.89 million yuan in the first half of 2025, representing a 183% increase, driven by large orders in the South American market [2] R&D and Innovation - The company is focusing on high R&D investment, maintaining a growth rate of around 20% for 2023-2024, with an 18% increase in R&D spending in the first half of 2025 [3] - As of mid-2025, the company holds 355 patents and 254 software copyrights, enhancing its core competitiveness through the development of advanced technologies [3] Financial Health and Shareholder Returns - The company operates under a light asset model with a healthy financial structure, maintaining a high dividend payout ratio of 91.24% for 2024, with a cash dividend exceeding 651 million yuan since its IPO [4]