3PEAK(SH:688536) HTSC·2025-10-29 11:16Investment Rating - The report maintains a "Buy" rating for the company with a target price of 221.67 RMB [7][5] Core Insights - The company achieved a revenue of 582 million RMB in Q3, representing a year-over-year increase of 70.29% and a quarter-over-quarter increase of 10.29%. The net profit attributable to the parent company was 60.32 million RMB, up 282.31% year-over-year and 20.35% quarter-over-quarter [1][2] - The company has seen continuous revenue growth for six consecutive quarters, driven by demand in industrial, automotive, communication, and consumer electronics sectors, along with effective cost control leading to significant profit elasticity [1][2] - The integration of the acquired company, Chuangxinwei, is progressing well, enhancing competitiveness in various markets [3] Summary by Sections Revenue and Profit Growth - In Q3, the company reported a revenue of 582 million RMB, a 70.29% increase year-over-year and a 10.29% increase quarter-over-quarter. The revenue for the first three quarters of 2025 reached 1.531 billion RMB, up 80.47% year-over-year [2][1] - The net profit for Q3 was 60.32 million RMB, an increase of 282.31% year-over-year and 20.35% quarter-over-quarter [1][2] Market Performance - The company is benefiting from a recovery in demand in the industrial and automotive markets, with successful progress in domestic production [1][5] - The company has established deep collaborations with several Tier 1 automotive manufacturers, resulting in a doubling of customer numbers year-over-year [4] Product Development and Integration - The company continues to expand its product offerings in the signal chain and power management sectors, with new products targeting communication, automotive, and industrial applications [3] - The integration of Chuangxinwei has shown significant results, with a 22.5% year-over-year revenue growth for the acquired entity [3] Future Outlook and Valuation - The revenue forecasts for 2025-2027 have been adjusted upwards to 2.13 billion RMB, 2.78 billion RMB, and 3.51 billion RMB respectively, reflecting a growth rate of 3.6% to 3.5% [5] - The net profit estimates for the same period have also been revised upwards to 188 million RMB, 357 million RMB, and 542 million RMB, indicating a strong growth trajectory [5]