AWINIC(SH:688798) Huaan Securities·2025-10-30 11:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous growth in performance and is expected to benefit from innovations in AI terminals [5] - In Q3 2025, the company achieved a record single-quarter revenue of 808 million yuan, with a gross margin of 35.06% and a net profit margin of 14.77% [5] - The company is strategically positioned in high-performance mixed-signal, power management, and signal chain products, catering to consumer electronics, industrial interconnect, and automotive sectors [5] - The new generation of piezoelectric micro-pump liquid cooling solutions is anticipated to become a key product, significantly enhancing cooling efficiency by 300% compared to passive cooling methods [6] Financial Summary - For the first three quarters of 2025, the company reported revenue of 2.176 billion yuan, a year-on-year decrease of 8.02%, while the net profit attributable to the parent company was 276 million yuan, an increase of 54.98% [4] - The projected net profits for 2025-2027 are 400 million, 610 million, and 800 million yuan, respectively, with corresponding EPS of 1.72, 2.60, and 3.44 yuan per share [5] - The company’s R&D expenses for the first three quarters of 2025 amounted to 427 million yuan, representing 19.6% of revenue [5] - The company’s financial indicators show a projected revenue growth of 15.9% in 2024, followed by 8.3% in 2025, and a significant increase in net profit margins over the next few years [9]