3PEAK(SH:688536) Guoxin Securities·2025-10-29 02:52Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][29] Core Views - The company achieved a revenue of 1.531 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 80.47%. The revenue for Q3 2025 reached a record high of 582 million yuan, with a year-on-year increase of 70.29% and a quarter-on-quarter increase of 10.29% [1][4] - The gross profit margin for the first three quarters of 2025 was 46.46%, a decrease of 3.0 percentage points year-on-year. However, the gross profit margin for Q3 2025 slightly increased to 46.60% compared to the previous quarter [2][4] - The company has successfully expanded its market presence in industrial, automotive, communication, and consumer electronics sectors, with all four markets showing revenue growth in Q3 2025 [3][4] Summary by Sections Financial Performance - Revenue for Q3 2025 was 582 million yuan, with signal chain chip revenue at 370 million yuan and power management chip revenue at 211 million yuan, marking significant year-on-year growth of 26.83% and 323.69% respectively [1][3] - The net profit attributable to shareholders for the first three quarters of 2025 was 126 million yuan, a year-on-year increase of 228% [1][4] Cost and Expenses - Research and development expenses for the first three quarters of 2025 increased by 6.64% to 420 million yuan, while the R&D expense ratio decreased by 19.0 percentage points to 27.43% [2][4] - The total expense ratio for the first three quarters decreased by 18.7 percentage points year-on-year, indicating improved cost management [2][4] Market Expansion - The company has doubled its customer base in the automotive sector in Q3 2025 and has successfully entered the supply chains of major clients such as GoerTek, BYD, BAT, DJI, and ZTE [3][4] - The company is actively building a dual-circulation supply chain system and has made progress in developing its 12-inch COT process platform, with some products already in mass production [3][4]