Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 1.198 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 51.65%. The net profit attributable to shareholders was 142 million yuan, up 12.19% year-on-year [1] - In Q3 2025, the company achieved a revenue of 496 million yuan, a year-on-year increase of 46.25% and a quarter-on-quarter increase of 17.49%. The net profit attributable to shareholders was 66 million yuan, reflecting a year-on-year increase of 14.54% and a quarter-on-quarter increase of 61.50% [2] - The gross margin slightly declined, with a gross margin of 24.23% for the first three quarters of 2025, down 6.93 percentage points year-on-year. The gross margin for Q3 2025 was 23.96%, down 7.73 percentage points year-on-year but up 1.33 percentage points quarter-on-quarter [3] - The company is implementing a "3+N" strategic layout, which includes partnerships in various sectors such as panoramic and action cameras, smart home devices, and automotive lenses, indicating a strong growth potential in the long term [4] Financial Summary - The company maintains its profit forecast for 2025-2027, expecting revenues of 1.66 billion, 2.322 billion, and 2.970 billion yuan, representing year-on-year growth of 52.1%, 39.8%, and 27.9% respectively. The net profit attributable to shareholders is projected to be 200 million, 270 million, and 350 million yuan, with year-on-year growth of 21.0%, 35.2%, and 29.7% respectively [8] - The earnings per share (EPS) for 2025-2027 are expected to be 2.25, 3.04, and 3.94 yuan, with corresponding price-to-earnings (PE) ratios of 40.64x, 30.07x, and 23.19x [8][10]
弘景光电（301479）：业绩符合预期，静待新品放量