GREAT MICROWAVE(SH:688270) Shenwan Hongyuan Securities·2025-10-28 10:44Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported Q3 2025 earnings that met market expectations, with a revenue of 302 million yuan, a year-on-year increase of 65.8%, and a net profit of 101 million yuan, a year-on-year increase of 598.1% [7] - The demand in satellite and specialty fields is accelerating, contributing to significant revenue growth in Q1-Q3 2025, driven by increased deliveries of ADDA chips and power management chips [7] - The company's gross margin for Q1-Q3 2025 was 82.26%, slightly down from the previous year, while the net margin increased significantly due to reduced expense ratios [7] - Inventory and accounts payable saw substantial increases, indicating strong demand in the satellite and specialty sectors, which is expected to drive rapid revenue growth [7] - The company is positioned as a core supplier in the high-end specialty chip market, with three key growth drivers supporting long-term growth [7] - The profit forecasts for 2025-2027 have been raised, reflecting expectations of rapid revenue and profit growth, with corresponding PE ratios of 97, 65, and 44 for the years 2025, 2026, and 2027 respectively [7] Financial Data and Profit Forecast - Total revenue projections for 2025E are 474 million yuan, with a year-on-year growth rate of 56.2% [2] - The net profit for 2025E is projected at 143 million yuan, reflecting a year-on-year increase of 702.3% [2] - The earnings per share for 2025E is estimated at 0.67 yuan [2] - The gross margin is expected to be 76.5% in 2025E, with a return on equity (ROE) of 6.3% [2] Market Data - As of October 27, 2025, the closing price of the stock was 65.06 yuan, with a market capitalization of 13,926 million yuan [3] - The stock has a price-to-book ratio of 6.3 and has experienced a 52-week high of 84.77 yuan and a low of 30.62 yuan [3]