Xin Lang Cai Jing·2025-10-30 12:41Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 16.754 billion yuan, a year-over-year increase of 28.39%, and a net profit attributable to shareholders of 2.326 billion yuan, up 56.3% year-over-year [1] - For Q2 2025, the company reported revenue of 6.301 billion yuan, a year-over-year increase of 33.25% and a quarter-over-quarter increase of 11.11%, with a net profit of 966 million yuan, reflecting a year-over-year growth of 92.87% [1] - Q3 2025 saw a record high in revenue and profit, with a gross margin of 31.39%, indicating successful product structure upgrades [1] Group 2: Business Segments - In the PCB business, demand for high-speed switches and optical modules has significantly increased due to the rising computational power needs in the communication sector [2] - The data center sector is experiencing growth driven by increased capital expenditures from major cloud service providers, particularly in AI computing investments, benefiting the company's PCB business [2] - In the packaging substrate business, the company has seen a notable increase in orders for storage products due to successful mass production of new high-end DRAM products for key clients [2] Group 3: Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 3.471 billion yuan, 5.255 billion yuan, and 6.921 billion yuan respectively, reflecting an upward revision from previous estimates [3] - Based on the closing price on October 29, 2025, the projected price-to-earnings ratios for 2025, 2026, and 2027 are 43.8, 28.9, and 21.9 times, respectively, maintaining a "buy" rating [3]