Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to face a performance inflection point with the launch of its HVDC business, which is anticipated to drive significant growth [7] - The company’s 2025 performance is projected to see a decline in net profit, with estimates ranging from 1.03 to 1.45 billion yuan, reflecting a year-on-year decrease of 60% to 43% [7] - The establishment of a subsidiary focused on HVDC technology marks the beginning of a new growth phase for the company, with expectations for product launches in early 2026 [7] Financial Projections - Total revenue is forecasted to decline to 1,114 million yuan in 2025, a decrease of 25.59% year-on-year, before rebounding to 1,487 million yuan in 2026 and 2,313 million yuan in 2027 [1][8] - Net profit attributable to shareholders is expected to drop to 128.93 million yuan in 2025, a decline of 49.64%, but is projected to recover to 232.90 million yuan in 2026 and 456.31 million yuan in 2027, reflecting growth rates of 80.64% and 95.92% respectively [1][8] - The earnings per share (EPS) is anticipated to be 3.07 yuan in 2025, with a significant increase to 10.85 yuan by 2027 [1][8] Market Data - The closing price of the stock is reported at 210.75 yuan, with a market capitalization of 8,862.70 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 68.74 for 2025, which is expected to decrease to 19.42 by 2027, indicating a potential for value appreciation as the HVDC business matures [1][8]