Core Insights - The report from Huazhong Securities indicates that Teruid achieved a net profit attributable to shareholders of 686 million yuan in the first three quarters of 2025, representing a year-on-year increase of 53.55% [1] - In Q3 2025, the net profit attributable to shareholders reached 359 million yuan, showing a year-on-year growth of 41.53% [1] - The company's gross profit margin continues to improve, with overseas expansion and AIDC opening new growth opportunities [1] Overseas Projects - In 2025, the company successfully won a bid for a 700 million yuan high-voltage mobile substation project for the Saudi National Grid [1] - In the first half of the year, the company secured multiple overseas projects, including the second phase of the solar project in Saudi Arabia, a 150kV substation project for BYD's factory in Indonesia, and a 100MW solar project in Botswana [1] - The company established a subsidiary in the UAE in the first half of 2025 to enhance its competitiveness in the Middle East and surrounding regions [1] AIDC Solutions - In the AIDC sector, the company provides integrated solutions for data centers, including high-voltage access at 110kV/220kV, substation planning and construction, solid-state transformers (SST), and DC distribution solutions [1] - The company will focus on the layout of solid-state transformers (SST) and integrated solutions combining high voltage and SST [1] Investment Rating - The report maintains a "Buy" rating for the company [1]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, while also making strides in expanding its traditional business overseas and improving its charging network profitability [1][2]. Financial Performance - In Q3 2025, the company achieved a net profit attributable to shareholders of 359 million yuan, with a year-on-year increase of 41.53% and a quarter-on-quarter increase of 36.75% [1]. - For the first three quarters of 2025, the company reported total revenue of 9.834 billion yuan, representing a year-on-year growth of 10.53%, and a net profit of 686 million yuan, up 53.55% year-on-year [1]. - The gross margin for Q3 2025 was 27.76%, an increase of 0.34 percentage points quarter-on-quarter, while the net profit margin was 10.23%, up 3.56 percentage points quarter-on-quarter [1]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.246 billion, 1.610 billion, and 2.040 billion yuan respectively, with corresponding price-to-earnings ratios of 25.2, 19.5, and 15.4 times [1]. Business Expansion - The company has been steadily advancing its traditional business overseas, achieving a contract amount of approximately 1 billion yuan in overseas business in the first half of 2025, an increase of 84% compared to the same period in 2024 [2]. - The company successfully won several overseas projects, including a 700 million yuan high-voltage mobile substation project for the Saudi national grid and various solar and wind power projects in multiple countries [2]. - A subsidiary has been established in the UAE to enhance overseas business development, and the company is also constructing an intelligent manufacturing overseas headquarters in Qingdao [2]. Charging Network Business - The charging network business has turned profitable in the first half of 2025 and is expected to maintain this positive trend [2]. - The company’s charging network encompasses the entire value chain, including manufacturing, operation, and value-added services, creating a closed-loop value system [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 6.256 billion yuan for the first half of 2025, representing a year-on-year growth of 17%, with a net profit of 327 million yuan, up 69% year-on-year [1]. - The "Smart Manufacturing + Integrated Services" segment achieved a revenue of 4.415 billion yuan in the first half of 2025, a growth of 20.17% year-on-year, with a net profit of 325 million yuan, up 52.15% year-on-year [2]. - The electric vehicle charging network business entered a profitable phase, generating a revenue of 1.841 billion yuan in the first half of 2025, a year-on-year increase of 9.19%, and turning a profit with a net profit exceeding 2 million yuan [3]. - The company has actively expanded its overseas business, achieving a contract amount of approximately 1 billion yuan, an increase of 84% year-on-year, and winning significant projects in Saudi Arabia [2]. - The company has established partnerships with major logistics companies for its charging network, with a cumulative charging volume exceeding 47.7 billion kWh and over 43 million registered users by the end of June 2025 [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 1.167 billion yuan, 1.547 billion yuan, and 1.960 billion yuan, respectively, with corresponding P/E ratios of 22, 17, and 13 [4][5]. - The report indicates that the charging network business is showing scale benefits, and the overseas orders for power equipment are progressing positively [4]. - The company’s revenue is projected to grow from 14.602 billion yuan in 2023 to 27.412 billion yuan in 2027, with a compound annual growth rate of approximately 20.26% [5][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][11] Core Views - The company achieved a revenue of 6.26 billion yuan in the first half of 2025, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 330 million yuan, up 69.3% year-on-year [5] - The traditional business segment generated a net profit of 325 million yuan, a 52.2% increase year-on-year, while the charging network business turned profitable with a net profit exceeding 2 million yuan [5][6] - The company is expected to maintain solid performance in its traditional business while the charging network is anticipated to continue contributing profit elasticity [5] Financial Performance Summary - For the first half of 2025, the traditional business segment achieved revenue of 4.415 billion yuan, a year-on-year increase of 20.17%, with a gross margin of 23.71% [6] - The charging network business generated revenue of 1.841 billion yuan, a growth of 9.19% year-on-year [6] - The company has set a profit forecast for 2025-2027 with net profits expected to be 1.246 billion, 1.610 billion, and 2.040 billion yuan respectively [5][7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 20.5, 15.8, and 12.5 times respectively [5][7] - The earnings per share (EPS) for the same years are expected to be 1.18, 1.53, and 1.93 yuan [5][7] - The company’s total market capitalization is approximately 25.523 billion yuan [1]