Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 19% in net profit attributable to the parent company for Q3 2025, with the Thailand factory expected to commence production in Q3 2026, aiding global expansion [5] - The automotive electronics business is becoming the main growth driver, with over 40% of revenue coming from this sector, driven by the increasing penetration of new energy vehicles [7] - The company is also benefiting from a strong demand in consumer electronics due to a replacement wave and new product launches, particularly in the multi-layer board segment [7] - The server segment is showing promising growth, with successful mass production of auxiliary power supplies for AI servers [7] - The company is actively constructing a factory in Thailand, expected to have an annual production capacity of approximately 4 million square meters, facilitating global supply chain needs [7] Financial Summary - Revenue for 2025 is projected to be 1,207 million RMB, with a year-on-year growth rate of 15.71% [6] - Net profit attributable to the parent company is expected to reach 148 million RMB in 2025, reflecting a year-on-year growth of 19.96% [6] - Earnings per share (EPS) is forecasted to be 0.97 RMB in 2025, with a price-to-earnings (P/E) ratio of 35.56 [6] - The company’s return on equity (ROE) is projected to be 12.92% in 2025 [6]
万源通（920060）：2025Q3扣非归母净利润yoy+19%，泰国工厂预计2026年三季度投产助力全球化扩张