方正科技(600601)：业绩环比高增 AI助力成长

Group 1 - The company reported a revenue of 3.398 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 38.71%, and a net profit attributable to shareholders of 317 million yuan, up 50.81% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.258 billion yuan, a year-on-year growth of 44.34% and a quarter-on-quarter increase of 5.83%, with a net profit of 144 million yuan, reflecting a year-on-year increase of 139.04% and a quarter-on-quarter growth of 53.08% [1] - The company plans to raise up to 1.98 billion yuan to invest in an AI and high-density interconnect circuit board production base, which will significantly enhance its capacity for high-end HDI products and ensure sustainable development [1] Group 2 - The company has advanced R&D and manufacturing capabilities, particularly in HDI products, and focuses on the development of new materials and technologies in PCB, enhancing customer loyalty through proprietary technologies [2] - The company maintains a "buy" rating, with expectations of net profits of 471 million yuan, 764 million yuan, and 1.078 billion yuan for 2025-2027, corresponding to PE ratios of 117.17, 72.24, and 51.17 respectively [3] - The company is well-prepared for future technology directions and product requirements in high-growth areas such as AI servers and GPU acceleration cards, maintaining close cooperation with industry leaders [3]