Ge Long Hui·2025-12-03 07:31Core Viewpoint - Tianfu Communication achieved a net profit attributable to shareholders of 1.465 billion yuan in the first three quarters, representing a year-on-year increase of 50.07% [1] - In Q3 alone, the net profit attributable to shareholders was 566 million yuan, showing a year-on-year growth of 75.67% and remaining stable compared to the previous quarter [1] Financial Performance - The overall performance slightly fell short of expectations, but the company is expected to benefit from the scaling up of 1.6T in the future, along with the gradual expansion of material and production capacity [1] - The cash flow statement indicates that cash received from sales in Q3 exceeded revenue, reflecting a good collection situation [1] Investment and Growth - The company continues to invest in fixed assets and intangible assets at a consistent level of approximately 100 million yuan each quarter, indicating ongoing expansion efforts [1] - The company's profitability remains stable, supported by continuous investment in capacity expansion [1] Valuation and Rating - Considering the industry average valuation and the company's position, a PE ratio of 86.21x is projected for 2025, with a target price adjusted to 250 yuan (previously 286 yuan) [1] - The rating is maintained at "Accumulate" [1]