NEWAY(603699) 长江证券·2025-05-13 02:14Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company achieved operating revenue of 1.556 billion yuan, representing a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 263 million yuan, reflecting a year-on-year growth of 33.52% [2][6]. - The company continues to strengthen its advantages in traditional sectors such as pipelines, refining, LNG, offshore, and chemicals, while gradually enhancing its market position in emerging fields like power generation (both thermal and renewable), water treatment, and renewable energy (nuclear, LNG, hydrogen) [6]. - The gross profit margin for Q1 2025 increased by 2.18 percentage points to 35.38%, and the net profit margin rose by 2.41 percentage points to 16.88% [6]. - As of the end of Q1 2025, the company's contract liabilities amounted to 321 million yuan, a year-on-year increase of over 52.4%, indicating a strong order acquisition capability [6]. - The company plans to establish production bases globally to meet international standards, with ongoing projects in Saudi Arabia [6]. - The net cash flow from operating activities for Q1 2025 reached 325 million yuan, with cash on hand at 1.9 billion yuan, demonstrating healthy order quality and cash collection [6]. - The company forecasts net profits attributable to shareholders of 1.456 billion, 1.766 billion, and 2.041 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 15, 12, and 10 [6]. Financial Summary - In Q1 2025, the company reported a net profit of 263 million yuan, with a gross profit margin of 35.38% and a net profit margin of 16.88% [2][6]. - The total revenue for 2024 is projected at 6.238 billion yuan, with a gross profit of 2.376 billion yuan, leading to a gross profit margin of 38% [14]. - The company expects to maintain a strong financial position with significant cash reserves and healthy cash flow from operations [6][14].