Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has shown significant performance improvement, with a revenue increase of 16.62% year-on-year for the first three quarters of 2025, reaching 652 million yuan, and a net profit growth of 55.38%, amounting to 55.93 million yuan [8] - The company is a leader in quantum communication technology domestically, with a strong focus on defense and communication sectors, establishing long-term partnerships with key clients [8] - The report highlights the robust demand for RF connectors and microwave devices, predicting a global market size exceeding 9 billion USD in 2025, with China holding over 35% market share [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 815.14 million yuan, 2024A: 762.80 million yuan, 2025E: 876.66 million yuan, 2026E: 1,016.19 million yuan, and 2027E: 1,187.99 million yuan, with a year-on-year growth rate of 14.93% in 2025 [1] - The net profit forecast for 2025 is 83.78 million yuan, reflecting a 63.88% increase compared to the previous year [1] - The report anticipates a decline in cash flow from operating activities, which may pose a risk of accounts receivable impairment, leading to a slight downward adjustment in profit forecasts for 2025-2027 [8]
富士达（920640）：业绩大幅增长，量子通讯技术国内领先