GREAT MICROWAVE(SH:688270) Guotou Securities·2025-10-26 04:01Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 87.30 CNY [5]. Core Views - The company has demonstrated a high growth trend in Q3 2025, with revenue reaching 302 million CNY for the first three quarters, a year-on-year increase of 65.76%. The net profit attributable to shareholders was 101 million CNY, up 598.1% year-on-year [1]. - The company is actively expanding its market presence, which has driven rapid growth in both revenue and profit. In Q3 2025 alone, revenue grew by 51.3% year-on-year to 98 million CNY, while net profit increased by 337.5% to 39 million CNY [1][2]. - High R&D investment is ensuring long-term competitiveness, with R&D expenses amounting to 97 million CNY, a 2.66% increase year-on-year, representing 32.1% of revenue [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 302 million CNY, with a net profit of 101 million CNY, and a non-GAAP net profit of 79 million CNY, reflecting significant year-on-year growth [1]. - In Q3 2025, the gross margin decreased by 4.7 percentage points to 77.4%, while the net margin improved by 25.9 percentage points to 39.6% [1]. Market Expansion - The company is consolidating its first-mover advantage in special fields such as data links, electronic countermeasures, and wireless communication terminals, while also entering batch production and delivery phases for certain satellite-related products, indicating potential for future growth [2]. Earnings Forecast - The net profit forecasts for 2025, 2026, and 2027 have been revised upwards to 135 million CNY, 205 million CNY, and 289 million CNY, respectively, with growth rates of 656.3%, 52.1%, and 40.8% [3].