Lontium(SH:688486) CMS·2025-10-30 06:30Investment Rating - The investment rating for the company is "Accumulate" [2] Core Insights - The company, Longxun Co., Ltd. (688486.SH), specializes in high-definition video bridging and processing chips, as well as high-speed signal transmission chips, with applications in PCs, displays, video conferencing systems, AR/VR, and future expansions into automotive and HPC sectors [1][5] - The company reported steady revenue growth in Q1-Q3 2025, with Q3 revenue reaching 142 million yuan, a year-on-year increase of 27.2% and a quarter-on-quarter increase of 3.1% [5] - The company is focusing on enhancing its two core product lines and is making significant advancements in HPC and other high-performance computing chips [5] - Longxun is planning to issue H shares to enhance its international presence and operational capabilities [5] - The financial forecasts for 2025-2027 have been adjusted, with expected revenues of 5.81 billion yuan, 8.46 billion yuan, and 12.01 billion yuan, respectively, and corresponding net profits of 1.85 billion yuan, 2.59 billion yuan, and 3.63 billion yuan [5] Financial Data and Valuation - Total revenue for 2023 is projected at 323 million yuan, with a year-on-year growth of 34%, and expected to reach 1.201 billion yuan by 2027 [1][11] - The company's net profit for 2023 is estimated at 103 million yuan, with a growth rate of 48%, and is expected to grow to 363 million yuan by 2027 [1][11] - The PE ratio is projected to decrease from 88.6 in 2023 to 25.1 in 2027, indicating improving valuation over time [1][11] - The company has a low debt ratio of 4.8%, indicating strong financial health [2]