Investment Rating - Maintain Outperform rating with a target price of 26.57 RMB, reflecting a 9% upside from the current price [5][9]. Core Insights - The company reported Q3 2025 results with revenue of 49.60 billion RMB, a year-on-year increase of 17.03%, and a net profit attributable to shareholders of 2.38 billion RMB, up 2.64% year-on-year [10]. - The company has a robust order backlog exceeding 290 billion RMB, including over 20 billion RMB in energy interconnection orders and over 7 billion RMB in marine communication orders, which supports growth for Q4 and 2026 [5][10]. - Recent achievements include winning a bid for a 1GW offshore wind project, marking a significant entry into the 500KV sector, and successful bids for hollow-core fiber projects, indicating advancements in technology and market position [5][10]. Financial Summary - Projected net profit attributable to shareholders for 2025-2027 is 3.00 billion RMB, 3.73 billion RMB, and 4.28 billion RMB, respectively, with corresponding EPS of 1.22 RMB, 1.51 RMB, and 1.74 RMB [5][9]. - Revenue forecasts show a growth trajectory from 47.62 billion RMB in 2023 to 94.73 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 16.6% [4][5]. - The company’s net profit margin is expected to improve, with net profit margins projected at 4.7% for 2023 and stabilizing around 4.8% by 2027 [4][5].