Dingtong(SH:688668) Minsheng Securities·2025-10-27 00:02Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [5][11]. Core Insights - The company reported Q3 2025 revenue of approximately 372 million yuan, a year-on-year increase of 48.12%, and a net profit attributable to shareholders of approximately 61.18 million yuan, up 110.67% year-on-year [1]. - The demand for AI data centers has driven revenue growth in communication connectors, with significant contributions from key clients like Amphenol and partnerships with major players in the AI ecosystem [2]. - The automotive business has shown quarter-on-quarter growth, with the Malaysian subsidiary gradually turning profitable and increasing production capacity [3]. - The company is expected to achieve high-quality growth from 2025 to 2027, with projected revenues of 1.603 billion yuan, 2.145 billion yuan, and 2.718 billion yuan, and net profits of 245 million yuan, 326 million yuan, and 410 million yuan respectively [3]. Summary by Sections Financial Performance - Q3 2025 revenue reached approximately 372 million yuan, a 48.12% increase year-on-year, while net profit was about 61.18 million yuan, reflecting a 110.67% increase [1]. - The company anticipates revenues of 1.603 billion yuan in 2025, 2.145 billion yuan in 2026, and 2.718 billion yuan in 2027, with corresponding net profits of 245 million yuan, 326 million yuan, and 410 million yuan [5][9]. Business Segments - The AI data center demand has significantly boosted the revenue from communication connectors, with the company benefiting from the deployment of next-generation AI server architectures [2]. - The automotive segment has seen a quarter-on-quarter increase, with the company entering mass production of electric vehicle connector modules and maintaining partnerships with major automotive clients [3]. Future Outlook - The company is positioned to benefit from the ongoing AI computing infrastructure development and the growth of its automotive business, with expectations of high-quality growth from 2025 to 2027 [3].