KAIYUAN SECURITIES·2025-10-30 02:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for the first three quarters of 2025 reached 100.52 billion yuan, a year-on-year increase of 11.63%, with a net profit attributable to shareholders of 5.32 billion yuan. The growth was primarily driven by international operator market revenue and a 130% increase in government and enterprise business revenue, despite pressure on domestic operator revenue [3][4] - The company is accelerating its breakthrough in the domestic intelligent computing market, with a significant increase in overseas market share for operators. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 8.069 billion, 9.016 billion, and 9.774 billion yuan, respectively [3][4] - The company has maintained a strong growth rate in its intelligent computing server and data center products, with a 180% year-on-year increase in the computing segment, contributing 25% to total revenue [4][5] Financial Summary - For 2025, the company expects revenue of 128.38 billion yuan, with a year-on-year growth of 5.8%. The net profit attributable to shareholders is projected to be 8.069 billion yuan, reflecting a decline of 4.2% year-on-year [7][9] - The gross margin is expected to decrease from 41.5% in 2023 to 34.9% in 2025, while the net margin is projected to be 6.3% in 2025 [7][9] - Research and development expenses for the first three quarters of 2025 reached 17.814 billion yuan, accounting for 17.72% of total revenue [5][9]