Core Viewpoint - Dazhu CNC achieved a net profit of 492 million yuan in the first three quarters of 2025, representing a year-on-year increase of 142.19%, driven by the demand for AI computing power and the expansion of the high-layer board and high-end HDI board markets [1] Financial Performance - In Q3, the company reported revenue of 1.521 billion yuan, a year-on-year increase of 95.19%, and a net profit of 228 million yuan, reflecting a significant year-on-year growth of 281.94% [1] - The company maintains profit forecasts for 2025-2027 at 697 million, 1.143 billion, and 1.730 billion yuan respectively, with corresponding PE ratios of 59, 36, and 24 times [1] Market Position - Dazhu CNC is a leading global player in the PCB equipment sector, particularly in the high-layer board, HDI board, and IC carrier board markets, benefiting from the growing demand for high-layer PCB equipment driven by AI server needs [1] - The company is positioned as a core equipment supplier, experiencing rapid order growth due to its high technical compatibility in the high-layer PCB equipment field [1]