Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2025-2027 being 30.85 billion, 37.52 billion, and 44.14 billion respectively, corresponding to PE ratios of 17x, 14x, and 12x [4][6]. Core Insights - The company reported steady revenue growth, achieving 10.42 billion in revenue for the first three quarters of 2025, a year-on-year increase of 29.49%, and a net profit of 1.808 billion, up 13.11% year-on-year. The gross margin was 31.29%, down 3.73 percentage points, while the net margin was 17.9%, down 2.59 percentage points [1]. - The company has significantly increased its contract liabilities and advance payments, with contract liabilities rising from 1.303 billion at the end of 2024 to 1.654 billion, and advance payments increasing from 0.547 billion to 1.141 billion, providing support for future business growth [2]. - The company continues to maintain a leading position in the oil and gas sector, securing large overseas contracts and increasing market share in high-end equipment, particularly in electric fracturing projects and partnerships with major oil companies [3]. Financial Summary - For 2024A, the company expects total revenue of 13.355 billion, with a projected growth rate of -4.0%. By 2025E, revenue is expected to rise to 16.190 billion, reflecting a growth rate of 21.2%. The net profit attributable to shareholders is forecasted to be 2.627 billion in 2024A, increasing to 3.085 billion in 2025E, with growth rates of 7.0% and 17.4% respectively [5][9]. - The company’s gross margin is projected to be around 33.70% in 2024A, slightly decreasing to 33.36% in 2025E, while the net profit margin is expected to be 19.67% in 2024A and 19.06% in 2025E [8][9].