Yoke Technology(SZ:002409) Shenwan Hongyuan Securities·2025-11-02 03:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met expectations, with revenue of 6.467 billion yuan (YoY +29%) and a net profit of 796 million yuan (YoY +6%). The storage industry is entering a high prosperity cycle, and core businesses such as precursors are expected to continue accelerating [6][5] - The demand for storage is anticipated to increase significantly due to the acceleration of AI infrastructure, with a more steep and sustained demand curve expected in the future [6] - The company is positioned to benefit from the growing demand for electronic materials, with significant growth in various product lines, including precursors and silicon powder [6] Financial Data and Profit Forecast - Total revenue is projected to reach 8.816 billion yuan in 2025, with a year-on-year growth rate of 28.5%. The net profit attributable to the parent company is expected to be 1.117 billion yuan, reflecting a growth rate of 28.2% [5][7] - The gross profit margin for Q3 was 32.78%, with a net profit margin of 13.49%. The company has been increasing its R&D investment, with R&D expenses for Q3 amounting to 97 million yuan [6] - The company's return on equity (ROE) is projected to improve from 10.2% in 2025 to 18.8% by 2027 [5]