Piotech (SH:688072) Ge Long Hui·2025-11-10 09:57Core Insights - The core viewpoint of the report is that Tuojing Technology has demonstrated significant growth in net profit, driven by strong product delivery and an expanding product line, which opens up future growth potential [1] Financial Performance - In Q3 2025, the net profit attributable to the parent company reached 462 million yuan, representing a year-on-year increase of 225.07% [1] - For the first three quarters, the net profit attributable to the parent company was 557 million yuan, showing a year-on-year growth of 105.14% [1] Growth Potential - The company has accumulated deep expertise in technology, customer relations, and brand recognition, which supports its growth trajectory [1] - Tuojing Technology has been continuously expanding its product framework and industrial application areas, leading to a robust order backlog [1] - Compared to other companies in the industry, Tuojing Technology's growth potential is more prominent and certain [1] Future Projections - The projected net profits for the company from 2025 to 2027 are 978 million yuan, 1.471 billion yuan, and 2.101 billion yuan, respectively [1] - The corresponding price-to-earnings ratios at current stock price levels are expected to be 89x, 59x, and 42x for the years 2025, 2026, and 2027 [1] - The report maintains a "buy" rating for the company's stock [1]