POCO(SZ:300811) Tianfeng Securities·2025-11-03 06:44Investment Rating - The investment rating for the company is "Buy" with a target price reflecting a potential return of over 20% within the next six months [6][17]. Core Views - The company has demonstrated stable profitability in Q3, with a revenue of 1.3 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 6%. The net profit attributable to the parent company reached 294 million yuan, up 2.5% year-over-year [1][2]. - The company is expected to benefit from the growing demand for chip inductors, particularly in the ASIC sector, as major tech companies accelerate the deployment of self-developed ASIC chips [3][4]. Financial Performance Summary - For Q3 2025, the company reported a revenue of 440 million yuan, a year-over-year increase of 2.2%, but a quarter-over-quarter decline of 7.8%. The gross profit margin for Q3 was 42.0%, with a net profit margin of 23.9% [1][2]. - The company’s revenue for 2025 is projected to be 1.848 billion yuan, with a growth rate of 11.13%. The net profit attributable to the parent company is expected to reach 429 million yuan, reflecting a growth rate of 14.19% [5][12]. Growth Drivers - The company has established long-term partnerships with major brands such as BYD, Gree, and Huawei, enhancing its market position in the soft magnetic powder core segment. The development of the fifth generation of iron-silicon powder cores is complete, positioning the company to benefit from growth in sectors like energy storage and new energy vehicles [3][4]. - The expansion into new applications, particularly in ASIC, optical modules, and consumer electronics, is expected to drive growth. The anticipated increase in ASIC usage in AI servers by 2026 presents a significant opportunity for the company [3][4].