LY iTECH(SZ:002600) Guotou Securities·2025-10-30 09:04Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.68 CNY, maintaining the rating [5]. Core Insights - The company reported a revenue of 37.59 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 19.25%. The net profit attributable to shareholders was 1.94 billion CNY, up 37.66% year-on-year [1]. - The company is positioned to benefit from the upcoming growth in AI glasses and the new iPhone 17 cycle, which is expected to drive both volume and price increases [2]. - The company has established a complete manufacturing system for AI glasses and XR wearables, enhancing its integrated manufacturing advantages [2]. - The company is also expanding into robotics and wearable technology, with dedicated production lines for joint modules and thermal management solutions [3]. Financial Performance - For the first three quarters of 2025, the gross margin was 16.61%, and the R&D expense ratio was 4.75%, reflecting improvements in cost structure and profitability [2]. - The projected revenues for 2025, 2026, and 2027 are 51.68 billion CNY, 60.68 billion CNY, and 71.27 billion CNY, respectively, with net profits of 2.44 billion CNY, 3.23 billion CNY, and 4.05 billion CNY [8]. - The company is expected to maintain a strong growth trajectory, benefiting from the AI computing cycle and its deep integration within the high-end consumer electronics supply chain [8].