Sunlord(SZ:002138) Xin Lang Cai Jing·2025-11-06 08:39Core Viewpoint - The company has demonstrated strong performance in the first three quarters of 2025, with significant revenue and profit growth driven by traditional and emerging markets [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 5.03 billion, a year-on-year increase of 19.9% [1] - The net profit attributable to shareholders reached 770 million, up 23.2% year-on-year [1] - The net profit excluding non-recurring items was 730 million, reflecting a 23.0% year-on-year growth [1] - For Q3 2025, the company reported revenue of 1.81 billion, a 20.2% increase year-on-year and a 2.5% increase quarter-on-quarter, marking a historical high for single-quarter revenue [1] - The net profit attributable to shareholders for Q3 was 280 million, up 10.6% year-on-year and 12.1% quarter-on-quarter [1] - The gross margin for Q3 was 36.8%, a decrease of 1.1 percentage points year-on-year, remaining stable quarter-on-quarter [1] Group 2: Business Segments - Mobile business revenue for the first three quarters was 1.82 billion, a 9.5% year-on-year increase, with power management revenue at 1.76 billion, up 24.4% [2] - The company has established a strong market position in mobile business, gaining trust from major clients through product quality and reliable supply [2] - Automotive electronics revenue reached 1.05 billion, a significant year-on-year increase of 36.1%, with products covering electric vehicle systems and intelligent applications [2] Group 3: Emerging Markets - The data center market is rapidly growing, with domestic computing clients being a key foundation for the business [3] - The demand for modular inductive solutions in the data center market is increasing, driven by both domestic and international clients [3] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 7.18 billion, 8.80 billion, and 10.44 billion, with net profits of 1.07 billion, 1.33 billion, and 1.65 billion respectively [4] - Corresponding EPS estimates are 1.33, 1.65, and 2.04, with PE ratios of 23.90, 19.18, and 15.51 [4]