研报掘金丨民生证券：维持大华股份“推荐”评级，国内主业有望依托重大项目推进迎来复苏

Core Insights - Minsheng Securities report indicates that Dahua Technology's net profit attributable to shareholders reached 3.535 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 38.92% [1] - In Q3 2025, the net profit attributable to shareholders was 1.060 billion yuan, showing a year-on-year increase of 44.12% [1] - The company has demonstrated significant improvements in gross margin and cash flow due to refined operations [1] Business Performance - Dahua Technology continues to advance technology upgrades and channel development, with steady growth across various business segments [1] - The company is making precise investments to deepen its "Five Full" capabilities, with ongoing implementation of AI large model cases [1] Market Position - As a leading R&D platform enterprise, Dahua Technology has built a strong competitive moat in market, R&D, and supply chain aspects [1] - The company is experiencing continuous growth in overseas and innovative businesses, while its domestic main business is expected to recover driven by major projects [1] Rating - The report maintains a "Recommended" rating for Dahua Technology [1]