3PEAK(SH:688536) Huachuang Securities·2025-08-26 06:22Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [20]. Core Insights - The company achieved a revenue of 949 million yuan in the first half of 2025, representing a year-over-year increase of 87.33%. The net profit attributable to shareholders reached 66 million yuan, up 200.07% year-over-year [1][5]. - The second quarter of 2025 saw a revenue of 527 million yuan, a year-over-year increase of 71.96% and a quarter-over-quarter increase of 25.03%. The net profit attributable to shareholders for this quarter was 50 million yuan, reflecting a year-over-year increase of 404.32% and a quarter-over-quarter increase of 222.07% [1][5]. - The company has successfully built a comprehensive layout in the industrial, automotive, communication, and consumer electronics markets, leading to significant growth in overall shipment volume and revenue [5]. Financial Performance - The company is projected to achieve total revenue of 1,988 million yuan in 2025, with a year-over-year growth rate of 63.0%. The net profit attributable to shareholders is expected to be 136 million yuan, reflecting a growth rate of 169.0% [6]. - The earnings per share (EPS) is forecasted to be 1.00 yuan in 2025, with a price-to-earnings (P/E) ratio of 152 [6]. - The company’s gross margin is expected to be 46.5% in 2025, with a net margin of 6.8% [6]. Market Position and Strategy - The company has strengthened its position in high-barrier application fields, particularly in the industrial and automotive sectors, through continuous product iteration and expansion of its product lines [5]. - The acquisition of Chuangxinwei has enhanced the company's strategic layout in the power management and consumer electronics sectors, contributing to growth in lithium battery protection chip products [5].