Investment Rating - The report maintains an investment rating of "Buy" for the company [1] Core Insights - The company reported a significant increase in consolidated revenue for November, reaching 8.509 billion New Taiwan Dollars (approximately 1.923 billion RMB), which reflects a year-on-year increase of 169.57% and a month-on-month increase of 20.4% [2][4] - The strong revenue growth is attributed to the peak construction period of major engineering orders, particularly in the semiconductor sector, which accounted for 99% of new orders signed in the first five months of 2025 [2][3] - The company is expected to continue experiencing high revenue growth in the fourth quarter due to the recognition of engineering order revenues [3] Summary by Sections Revenue Performance - For the first eleven months of 2025, the company achieved a cumulative revenue of 67.238 billion New Taiwan Dollars (approximately 15.197 billion RMB), representing a year-on-year increase of 9.5% [2] - The combined revenue for October and November 2025 showed a year-on-year increase of 117.9%, building on a strong base from the third quarter [2] Order Book and Market Position - The company signed new orders totaling 95.8 billion New Taiwan Dollars in the first five months of 2025, a 39.1% increase compared to the entire year of 2024 [2] - The majority of new orders are concentrated in Southeast Asia, with a significant project in Singapore contributing to the order book [3] Profitability and Forecast - In the third quarter of 2025, the company reported a net profit of 282 million RMB, with a gross margin of 27.51%, reflecting a substantial year-on-year increase [4] - The report projects a compound annual growth rate (CAGR) of 27% for net profit from 2025 to 2027, with expected net profits of 791 million RMB, 1.017 billion RMB, and 1.303 billion RMB for the respective years [5] Valuation - The target price for the company's stock has been raised to 95.40 RMB, based on a 20x price-to-earnings (P/E) ratio for 2026, reflecting an increase from the previous target of 64.65 RMB [5]

Group 1 - The company is named Both Engineering Technology Co., Ltd. and was established in accordance with the Company Law of the People's Republic of China [1] - The company was registered on March 16, 2023, and approved by the China Securities Regulatory Commission for the public issuance of 130 million shares [3] - The registered capital of the company is RMB 527,216,860 [6] Group 2 - The company operates as a limited liability company with permanent existence [1] - The legal representative of the company is the chairman of the board, who is responsible for executing company affairs [2] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [2] Group 3 - The company's business scope includes various engineering services such as electromechanical installation, building decoration, and environmental engineering [3][4] - The company is also involved in domestic trade and the import and export of goods and technologies [4] Group 4 - The company’s shares are issued in the form of stocks, and all shares have equal rights [6] - The total number of shares issued by the company is 527,216,860, all of which are ordinary shares [6] Group 5 - The company can provide financial assistance for others to acquire its shares under certain conditions, with a limit of 10% of the total issued capital [7] - The company may increase or decrease its registered capital as needed, following legal procedures [7][8] Group 6 - The company’s shareholders have rights to dividends, attend meetings, and supervise the company’s operations [13][14] - Shareholders can request the convening of shareholder meetings and have the right to propose agenda items [26][58]