长电科技Q3营收创历史新高

Core Insights - Longji Technology (600584.SH) reported a record high in both revenue and net profit for Q3 2025, with revenue reaching 10.06 billion yuan, a quarter-on-quarter increase of 8.6%, and net profit attributable to shareholders at 480 million yuan, a significant increase of 80.6% [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 28.67 billion yuan, representing a year-on-year growth of 14.8%, also a historical high for the period [1] - The net profit attributable to shareholders for the same period was 950 million yuan, showing a year-on-year decline of 11.4% [1] Business Segments - Several business segments experienced substantial year-on-year revenue growth, including: - Computing electronics: up 69.5% - Industrial and medical electronics: up 40.7% - Automotive electronics: up 31.3% [1] Cost and Investment Factors - The decline in net profit is attributed to new factories being in the product introduction and capacity ramp-up phases, which have not yet generated large-scale production revenue [1] - The company has increased its investment, with the expense ratio for Q1-Q3 2025 at 10%, an increase of 1.7% year-on-year, impacting short-term profit performance [1] - Fluctuations in international commodity prices have also put pressure on raw material costs, affecting gross margins [1] R&D and Innovation - Longji Technology is actively pursuing advancements in packaging technology, with R&D expenses increasing by 24.7% year-on-year to 1.54 billion yuan for the first three quarters of 2025 [1] - The company has made breakthroughs in key technology areas such as Co-Packaged Optics (CPO), glass substrates, large-size FCBGA packaging, and high-density System-in-Package (SiP) [1]