Core Viewpoint - The company has shown preliminary signs of a performance turning point with a quarter-on-quarter increase in revenue and profit, supported by a multi-dimensional business system that includes "CT communication + IT computing + high-end PCBA manufacturing + automotive electronics manufacturing" [1][3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.235 billion yuan, a year-on-year decrease of 1.81%, and a net profit attributable to the parent company of 47 million yuan, down 55.26% year-on-year [2][3] - In Q3 2025, the company reported operating revenue of 513 million yuan, an increase of 18.31% year-on-year and 18.78% quarter-on-quarter; the net profit attributable to the parent company was 25 million yuan, a year-on-year decrease of 11.54% but a quarter-on-quarter increase of 122.22% [2][3] Business Expansion - The company has gradually formed a multi-dimensional business system and expanded its product layout to include "server products, optical communication transmission equipment access network products, DPU module cards, and high-end equipment control boards," which is expected to contribute to future revenue growth [1][3][5] Stock Incentive Plan - The company announced a stock option incentive plan for 2025, targeting 430 individuals with a total of 1.3953 million stock options, representing 2.01% of the total share capital, with an exercise price of 99.86 yuan per share; the performance assessment targets a revenue growth rate of no less than 35%, 60%, and 90% for 2026 to 2028, reflecting confidence in long-term development [4][5] Profit Forecast - The company forecasts net profits attributable to the parent company of 74 million yuan, 140 million yuan, and 219 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 90x, 48x, and 30x, maintaining a "buy" rating [5]
菲菱科思(301191)：多维业务助力业绩出现拐点 股权激励计划彰显长期信心