Hefei Meiya Optoelectronic Technology (SZ:002690) ZHONGTAI SECURITIES·2025-10-26 08:23Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [3][11][14]. Core Insights - The company reported Q3 2025 earnings that exceeded market expectations, with a revenue of 1.694 billion yuan, a year-on-year increase of 7.35%, and a net profit of 519 million yuan, up 15.30% year-on-year [5][11]. - The company is embracing AI technology to enhance its dental medical services, launching the "Dental Medical Intelligent Matrix" which integrates hardware, software, and ecosystem solutions [10][11]. - The company has shown significant improvement in cash flow, with a net operating cash flow of 649 million yuan, a year-on-year increase of 34.91% [9][11]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 671 million yuan, a 3.67% increase year-on-year, and a net profit of 216 million yuan, reflecting a 21.33% growth [5][7]. - The gross profit margin for the first three quarters of 2025 was 52.95%, an increase of 2.50 percentage points year-on-year, indicating improved operational efficiency [8]. - The company’s R&D investment reached 111 million yuan in the first three quarters of 2025, a 17.36% increase year-on-year, representing 6.55% of total revenue [9][11]. Growth Projections - The company forecasts net profits of 759 million yuan, 888 million yuan, and 1.022 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16.85%, 17.11%, and 15.00% [11][12]. - Revenue projections for the next few years are 2.674 billion yuan for 2025, 3.039 billion yuan for 2026, and 3.410 billion yuan for 2027, with expected growth rates of 16% and 14% respectively [3][12].