Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has demonstrated stable profit release, with significant contributions from its shipbuilding and power generation businesses. The revenue for the first three quarters of 2025 reached 87.423 billion yuan, a year-on-year increase of 0.52%, while the net profit attributable to the parent company was 1.104 billion yuan, up 10.03% year-on-year [1][2] - The shipbuilding business continues to contribute positively, with new deliveries and contracts signed, including the construction of bulk carriers for Greek shipping companies [1] - The power generation business shows substantial growth potential, with a notable increase in production capacity, particularly for high-power units, achieving a year-on-year increase in output value of 46% [1] Financial Summary - In Q3 2025, the company achieved a gross profit margin of 6.76%, a slight increase of 0.03 percentage points year-on-year. The overall expense ratio decreased by 0.20 percentage points to 2.73% [2] - The projected revenue for 2025-2027 is expected to be 117.9 billion yuan, 121.4 billion yuan, and 125 billion yuan respectively, with net profits of 1.274 billion yuan, 1.379 billion yuan, and 1.487 billion yuan, corresponding to EPS of 0.97 yuan, 1.06 yuan, and 1.14 yuan per share [2][3] - The company is characterized as a "supply chain + industrial chain" dual-driven foreign trade enterprise, benefiting from strong state-owned enterprise resources and a mature employee incentive mechanism [2]

Core Points - The 2025 China International Electromechanical Products Expo and Wuhan International Industrial Expo has become one of the most influential industry events in Central China, showcasing over 1,100 enterprises from more than 20 countries and regions, with an exhibition area exceeding 80,000 square meters, marking a historical high in both scale and participation [2][9] - The expo focuses on emerging industries such as low-altitude economy, green shipping, and humanoid robots, reflecting the core drivers of a new round of industrial transformation [3][4] - The event highlights the resilience and vitality of China's manufacturing sector, achieving significant expansion despite complex macroeconomic challenges, with a notable increase in exhibition space from 60,000 square meters in the previous year to over 80,000 square meters [5][6] Industry Highlights - The expo features advanced products in low-altitude economy and green shipping, including industrial-grade drones and the world's first pure electric container ship model, showcasing breakthroughs in green shipping technology [3][4] - A total of 251 specialized and innovative enterprises participated, accounting for nearly 30% of the exhibitors, emphasizing the importance of niche players in maintaining the stability of the industrial supply chain [6] - The event includes a series of high-level conferences and industry activities, enhancing its international profile and facilitating knowledge sharing and business cooperation among global industry leaders [8][9] International Engagement - The expo has received UFI certification, positioning it among the top international brand exhibitions and enhancing its reputation and operational quality [9] - The international participation has significantly increased, with exhibitors from the United States, Japan, Germany, and Southeast Asia, further expanding the global outreach of the event [8][9] - Special initiatives like the "Belt and Road" international procurement matchmaking event aim to connect buyers from participating countries with quality Chinese electromechanical suppliers [8]