3PEAK(SH:688536) Guoxin Securities·2025-08-26 14:28Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has achieved continuous revenue growth for five consecutive quarters, with a 25% quarter-on-quarter increase in Q2, and a year-on-year revenue increase of 87.33% in the first half of 2025, reaching 949 million yuan [1][2] - The company has launched over 200 new products, with a total of more than 3,000 products available for sale, including over 90 automotive-grade products [2][3] - The company has established a presence in four major markets: industrial, automotive, communication, and consumer electronics, with significant growth in sales and revenue across these sectors [3] - The company expects net profits for 2025-2027 to be 167 million, 316 million, and 474 million yuan respectively, maintaining a "Outperform the Market" rating [3] Financial Performance - In Q2 2025, the company reported revenue of 527 million yuan, a year-on-year increase of 71.96% and a quarter-on-quarter increase of 25.03%, achieving the second-highest quarterly revenue [1] - The gross profit margin for Q2 2025 was 46.34%, showing a slight decline compared to the previous year [1] - The company’s revenue from signal chain chips was 643 million yuan, accounting for 68% of total revenue, while power management chips generated 306 million yuan, accounting for 32% [2] - The company’s projected revenue for 2025 is 2.098 billion yuan, with a year-on-year growth of 72% [5]