Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a year-on-year increase of 68% in net profit attributable to shareholders for Q3 2025, benefiting from a strategic partnership with the National Third Generation Semiconductor Technology Innovation Center [5][8] - The company is positioned as a leader in electronic measurement instruments, capitalizing on the growing demand in semiconductor devices and new energy testing scenarios [8] - The company has established a wholly-owned subsidiary in Munich, Germany, to enhance its market share in Europe and expand overseas operations [8] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 151 million yuan (up 16% year-on-year) and a net profit of 44.14 million yuan (up 59% year-on-year) [8] - Q3 2025 revenue was 51 million yuan (up 16% year-on-year, down 18% quarter-on-quarter), with a net profit of 14.83 million yuan (up 68% year-on-year, down 23% quarter-on-quarter) [8] - The company’s cash flow from operating activities improved significantly, with a net cash flow of 3.53 million yuan (up 211% year-on-year) [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 236 million yuan, 287 million yuan, and 348 million yuan, respectively, with year-on-year growth rates of 21.88%, 21.25%, and 21.39% [7] - Net profit attributable to shareholders is forecasted to be 66 million yuan, 80 million yuan, and 97 million yuan for the same period, with growth rates of 30.08%, 21.68%, and 21.86% [7] - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 94.58, 77.73, and 63.78, respectively [7]
同惠电子（920509）：2025Q3归母净利润yoy+68%，与国家第三代半导体技术创新中心战略合作