Zhongyan Technology (003001) 国信证券·2024-10-15 04:03Investment Rating - The investment rating for the company is "Outperform the Market" [2][9] Core Viewpoints - The company has won a significant nuclear power construction order worth 159 million yuan, which is expected to positively impact its future operating performance if the project is successfully implemented [2][3] - The company's strategic transformation towards major infrastructure projects is accelerating, with a focus on nuclear power, hydropower, and port sectors, reflecting its recognized technical capabilities [3][4] - The company is expected to benefit from the acceleration of major project approvals, leading to rapid revenue and profit growth [3][9] Summary by Relevant Sections Recent Developments - The company announced it won a contract for the Zhejiang Jin Qimen Nuclear Power Plant, which includes land formation and foundation treatment engineering equipment leasing [2][4] - The company has also been recognized as a candidate for solidifier procurement for the same nuclear power project, indicating further potential orders [4] Financial Forecast - The company forecasts revenues of 919 million yuan, 1.342 billion yuan, and 2.050 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 71 million yuan, 147 million yuan, and 299 million yuan [3][9] - The net profit growth rates are projected at +123%, +106%, and +103% for the same years [3][9] Market Context - The nuclear power project at Jin Qimen is part of a larger initiative with a total investment of approximately 44.57 billion yuan, with the first phase expected to start construction in 2024 [4][5] - The company is shifting its focus from real estate to national major infrastructure projects, which is expected to stabilize and grow its revenue streams [7][9]