BSCTECH(SZ:300951) SINOLINK SECURITIES·2025-10-25 13:41Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported total operating revenue of 977 million yuan for the first nine months of 2025, a year-on-year increase of 3%. However, net profit attributable to shareholders decreased by 10.96% to 144 million yuan [2]. - The company is focusing on innovation and has invested 82.05 million yuan in R&D during the first nine months of 2025, representing a 9.69% increase year-on-year [3]. - The company is diversifying its business into new areas such as AR/VR and low-altitude economy, while continuing to develop its existing consumer and automotive/new energy sectors [3]. Financial Performance Summary - For Q3 2025, the company achieved total operating revenue of 387 million yuan, a decline of 5.03% year-on-year, with a net profit of 46 million yuan, down 28.31% [2]. - The projected revenue for 2025-2027 is expected to grow to 1.653 billion yuan, 2.085 billion yuan, and 2.431 billion yuan, respectively, with corresponding net profits of 259 million yuan, 311 million yuan, and 354 million yuan [4][9]. - The company's gross profit margin for Q3 2025 was 36.22%, a decrease of 2.35 percentage points year-on-year [2]. R&D and Innovation - The company has obtained 14 new patents in the first half of 2025, including 22 invention patents, and has a total of 384 patents, of which 199 are invention patents [3]. - The R&D expense ratio increased to 8.40% in the first nine months of 2025, up by 0.52 percentage points year-on-year [3]. Market Position and Future Outlook - The company is strategically positioned in the consumer sector, with products used in smartphones, wearables, smart homes, and the automotive/new energy sectors [3]. - The expected growth rates for revenue from 2025 to 2027 are 26.40%, 26.19%, and 16.55%, respectively, indicating a strong growth trajectory [4][9].