Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 1.9 billion RMB in 2025, a year-on-year decrease of 28.02%, with a net profit attributable to the parent company of 61.45 million RMB, down 38.89% year-on-year. The fourth quarter saw a revenue of 578 million RMB, a year-on-year decrease of 34.49% but a quarter-on-quarter increase of 106.48% [1] - The company's net profit for 2025 was below previous expectations due to asset impairment related to a Russian LNG project. However, the outlook for deep-sea oil and gas development is expected to improve, benefiting the company as a leading FPSO topside module manufacturer [1][3] - The global FPSO market demand is anticipated to grow, with 4 FPSO orders expected in 2025 and 8 in 2026, driven by projects in South America and West Africa [3] Financial Performance - The company's gross margin for 2025 was 19.48%, an increase of 3.24 percentage points year-on-year, attributed to improved operational efficiency through an integrated management platform [2] - The company maintained a good control over expenses, with a period expense ratio of 6.70%, down 1.02 percentage points year-on-year [2] - The company has a robust order backlog, including contracts for FPSO projects in Suriname and Guyana, which is expected to support performance in 2026 [4] Strategic Partnerships - The company signed a cooperation agreement with SBM Offshore N.V. to explore potential collaboration in engineering design and general contracting, enhancing its position from subcontractor to strategic partner [5] Profit Forecast and Valuation - The company’s net profit forecasts for 2026 and 2027 are 149 million RMB and 330 million RMB, respectively, with an estimated net profit of 456 million RMB for 2028. The target price is set at 23.88 RMB, based on a 2.0 times PB valuation for 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.88 [8]. Core Views - The company achieved a revenue of RMB 1.9 billion in 2025, a decrease of 28.02% year-on-year, with a net profit attributable to shareholders of RMB 61.45 million, down 38.89% year-on-year. The fourth quarter saw a revenue of RMB 578 million, with a year-on-year decline of 34.49% but a quarter-on-quarter increase of 106.48% [1][8]. - The company’s gross margin improved significantly to 19.48% in 2025, an increase of 3.24 percentage points year-on-year, attributed to the integration of construction and production management platforms that enhanced operational efficiency [2]. - The demand for FPSO (Floating Production Storage and Offloading) units is expected to rise due to ongoing high demand in deep-sea oil and gas development, driven by geopolitical tensions and the need for energy security [3]. - The company has a robust order backlog, including contracts for FPSO projects in Suriname and Guyana, which will support its performance in 2026 [4]. - A strategic partnership with SBM Offshore N.V. is expected to enhance the company's capabilities and allow it to participate in more high-end projects, capitalizing on the favorable market conditions for FPSO equipment [5]. Financial Forecasts and Valuation - The company’s net profit forecasts for 2026 and 2027 are RMB 149 million and RMB 330 million, respectively, with an expected net profit of RMB 456 million in 2028. The corresponding book values per share (BPS) are projected to be RMB 11.94, RMB 13.11, and RMB 14.73 for the years 2026, 2027, and 2028 [6]. - The report assigns a price-to-book (PB) ratio of 2.0 for 2026, reflecting the company's position as a leading FPSO module manufacturer benefiting from increasing demand in deep-sea oil and gas development [6].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential stock price increase of 5% to 15% over the next six months [2][3]. Core Insights - The company is a core manufacturer of industrial modules with a comprehensive service capability across the entire industry chain, including design, procurement, modularization, construction (EPFC) [1]. - The company has established long-term stable partnerships with leading clients in the chemical industry, such as BASF, Linde, Covestro, Honeywell, and Umicore, and is expanding into oil and gas energy, nuclear power, and other sectors [1]. - The modular construction approach is becoming a significant trend in modern manufacturing, providing advantages such as better cost and quality control, and the company is well-positioned to benefit from this industry development [1]. - The company has recently completed a large industrial module manufacturing project, which will lay the foundation for future growth and expansion into energy sectors [2]. Financial Summary - The company expects net profits of 212 million, 199 million, and 323 million for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 23x, 25x, and 15x [2]. - Revenue is projected to decline by 17.9% in 2025, followed by a slight decrease in 2026, before rebounding with a 20% increase in 2027 [2]. - The company's total revenue for 2023 is estimated at 3,242 million, with a significant growth of 88.39% compared to the previous year [2].

Core Viewpoint - The company, Bomaike, has confirmed that there are no significant changes in its fundamentals and no undisclosed matters that need to be reported [1] Group 1: Company Performance - In 2025, the company signed large FPSO contract orders, successfully expanding its market in regions such as Suriname [1] - The company has set a record for the contract amount of a single FPSO upper module [1] Group 2: Strategic Direction - The company will continue to follow its "Four First-Class" strategy to enhance market competitiveness [1] - The goal is to improve company performance and create greater returns for investors [1]