Raytron(SH:688002) Minsheng Securities·2025-10-27 15:37Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a record high in quarterly performance for Q3 2025, with revenue reaching 15.42 billion yuan, a year-on-year increase of 36.70%, and a net profit of 3.56 billion yuan, up 37.33% year-on-year [1][2]. - The company has established a new pattern focusing on infrared business while gradually breaking into multi-dimensional sensing fields such as microwave and laser, supporting sustainable rapid growth [3][4]. - The company’s revenue and net profit for the first three quarters of 2025 were 40.86 billion yuan and 7.07 billion yuan, respectively, representing year-on-year growth of 29.72% and 46.21% [1][4]. Financial Performance Summary - For the first three quarters of 2025, the gross profit margin increased by 0.85 percentage points to 51.97%, while the net profit margin rose by 2.90 percentage points to 15.15% [1][2]. - The operating cash flow significantly improved, reaching 7.67 billion yuan compared to 1.82 billion yuan in the same period last year, primarily due to increased cash receipts from sales [2]. - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of 49.66% from 2018 to 2024, with net profit CAGR at 28.71% [3][4]. Future Earnings Forecast - The company is expected to achieve net profits of 8.08 billion yuan, 10.00 billion yuan, and 12.35 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 46x, 37x, and 30x, respectively [4][5].