Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 586 million yuan in Q3 2025, representing a year-on-year increase of 41.35%, and a net profit attributable to shareholders of 150 million yuan, up 91.95% year-on-year [9] - Despite capacity constraints, the company is expected to continue high growth in 2026, with anticipated revenue growth driven by new capacity releases and price adjustments [9] - The company is expanding into new markets and product lines, which is expected to enhance long-term growth potential [9] Financial Summary - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 420.07 million, 577.54 million, 825.42 million, 1,206.94 million, and 1,672.81 million yuan respectively, with year-on-year growth rates of 38.05%, 37.49%, 42.92%, 46.22%, and 38.60% [1] - Net profit attributable to shareholders is projected to be 49.40 million, 116.17 million, 217.60 million, 349.57 million, and 503.86 million yuan for the same years, with year-on-year growth rates of 235.55%, 135.14%, 87.31%, 60.65%, and 44.14% [1] - The latest diluted EPS is expected to be 0.54, 1.27, 2.38, 3.82, and 5.51 yuan for 2023A, 2024A, 2025E, 2026E, and 2027E respectively [1]
广信科技（920037）：产能制约下25Q3盈利环比略增，26年有望持续高增