YINGLIU(603308) 国金证券·2025-04-29 13:32Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 663 million yuan in Q1 2025, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 92 million yuan, up 1.65% year-on-year. The gross margin and net margin improved to 36.83% and 12.89%, respectively, reflecting a significant enhancement in profitability [1] - The company benefits from the rising demand in the "two machines" industry, with contract liabilities exceeding 1.2 billion yuan, indicating strong revenue growth potential for 2025. The domestic orders are expected to increase due to accelerated localization efforts in gas turbines and aviation engines [2] - The approval of nuclear power projects is expected to boost the company's revenue from nuclear main pump castings, with strategic partnerships and contracts already in place for multiple nuclear projects [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 663 million yuan and a net profit of 92 million yuan, with improved profitability metrics [1] Operational Analysis - The company signed long-term agreements with major clients in the "two machines" sector, leading to a significant increase in contract liabilities, which grew over 100% year-on-year to 1.76 billion yuan. This positions the company for accelerated revenue growth in 2025 [2] - The domestic market for gas turbines is expanding, with successful certification of domestically developed aircraft engines, indicating a positive trend for future orders [2] Nuclear Power Sector - The approval of five nuclear power projects is expected to enhance demand for the company's nuclear pump products, with existing contracts already in place for significant deliveries [3] Profit Forecast and Valuation - Projected revenues for 2025-2027 are 3.2 billion, 3.9 billion, and 5 billion yuan, with net profits of 450 million, 630 million, and 890 million yuan, respectively. The corresponding price-to-earnings ratios are 30, 22, and 15 [4]