Shannon Semi(SZ:300475) GOLDEN SUN SECURITIES·2025-10-23 10:29Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant revenue growth, with a 59.9% year-on-year increase in revenue for the first three quarters of 2025, reaching 26.4 billion yuan. However, the net profit attributable to the parent company decreased by 1.4% year-on-year to 360 million yuan [1] - The company is expected to benefit from the rising demand for enterprise-level storage solutions, price increases, and domestic production initiatives, particularly in the fourth quarter of 2025 [2] - The acquisition of AMD distribution rights enhances the company's competitive edge and allows it to provide comprehensive solutions in the AI and high-performance computing sectors [3] Financial Performance Summary - For Q3 2025, the company reported a revenue of 9.28 billion yuan, a year-on-year increase of 6.6% and a quarter-on-quarter increase of 0.6%. The net profit for the same quarter was 200 million yuan, showing a year-on-year decrease of 3.1% but a significant quarter-on-quarter increase of 42.8% [1] - The gross margin for Q3 2025 was 4.0%, a decrease of 0.5 percentage points year-on-year but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 2.1%, down 0.2 percentage points year-on-year but up 0.6 percentage points quarter-on-quarter [1] - Revenue projections for 2025, 2026, and 2027 are estimated at 38.9 billion yuan, 58.0 billion yuan, and 79.7 billion yuan, respectively, with net profits expected to reach 605 million yuan, 1.2 billion yuan, and 2.0 billion yuan [3][5]