Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has announced a price increase for gypsum boards, which is expected to enhance Q4 performance. This is the second price increase in the second half of the year, indicating a shift away from previous price wars in the industry [6] - The company holds over 60% market share in the gypsum board sector, giving it significant pricing power. The price hikes may gradually take effect [6] - The company is also implementing price increases in its waterproofing segment, which may lead to improved profit margins in Q3 [6] - The company is expanding globally with projects in various countries, including a new gypsum fiberboard project and an industrial coatings production base [6] - A stock incentive plan has been completed, aiming for significant growth in net profit and return on equity from 2025 to 2027 [6] - The company expects net profits of 40 billion, 48 billion, and 55 billion for the years 2025 to 2027, corresponding to valuation multiples of 10, 9, and 7 times [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 25,821 million in 2024 to 31,373 million by 2027, with a compound annual growth rate of approximately 8.8% [5] - The net profit attributable to the parent company is expected to increase from 3,647 million in 2024 to 5,518 million by 2027, reflecting a strong growth trajectory [5] - The company’s gross margin is forecasted to remain stable, with slight improvements expected in the coming years [5]