Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company is expected to achieve a revenue of 556 million yuan in 2024, representing a year-on-year growth of 40.74%, and a net profit attributable to the parent company of 116 million yuan, which is a 1.80% increase year-on-year [2] - The company has a strong order backlog, with contract liabilities amounting to 367.48 million yuan as of September 30, 2024, an increase of 93.45% compared to the beginning of 2024 [3] - The company is actively expanding its overseas market presence, having established multiple projects in Europe and the Middle East, with a total order amount of 46.66 million yuan and expected future contracts totaling around 300 million yuan [4] Financial Summary - The company’s projected financial performance includes: - Revenue growth from 394 million yuan in 2023 to 556 million yuan in 2024, a 40.9% increase [6] - Net profit growth from 114 million yuan in 2023 to 116 million yuan in 2024, a 1.4% increase [6] - Earnings per share (EPS) projected to be 1.47 yuan in 2024, increasing to 2.36 yuan by 2026 [2][6] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 23.7 in 2024 to 14.8 by 2026, indicating potential valuation improvement [2][6]