国力电子(688103)：业绩高增趋势延续 深入布局大科学工程

Group 1 - The company reported a revenue of 937 million yuan for the first three quarters of 2025, representing a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million yuan, up 111.21% year-on-year [1] - In Q3 2025, the company achieved a revenue of 368 million yuan, reflecting a year-on-year growth of 72.38% and a quarter-on-quarter increase of 8.61%, with a net profit attributable to shareholders of 20 million yuan, up 71.45% year-on-year but down 16.52% quarter-on-quarter [1] - The growth in performance is attributed to strong demand in the new energy vehicle industry, significant revenue growth from core products, and effective cost and expense control [1] Group 2 - The company has made long-term technological accumulation and strategic layout in vacuum active devices for large scientific engineering applications, focusing on products like hydrogen thyristors and high-power fast-tuning tubes, which are in critical stages of R&D and customer validation [2] - The company is concentrating R&D resources on high-barrier products like cyclotron tubes and has established stable partnerships with leading domestic research institutions to advance the development and testing of engineering prototypes [2] - The company expects net profits attributable to shareholders to reach 91 million yuan, 193 million yuan, and 266 million yuan from 2025 to 2027, with corresponding EPS of 0.95, 2.03, and 2.79 yuan, and PE ratios of 68.8, 32.3, and 23.5 times [2]