Kinwong(SH:603228) Huaan Securities·2025-11-03 11:09Investment Rating - The investment rating for the company is "Buy" [8][9]. Core Insights - The company reported a total revenue of 11.083 billion yuan for Q3 2025, representing a year-on-year growth of 22.08%. The net profit attributable to the parent company was 948 million yuan, with a year-on-year increase of 4.83% [6]. - The company is focusing on AI and high-end market development, with significant growth in the data center sector driven by global cloud vendors' capital expenditures. The company is ramping up production in the AI server field and enhancing its high-density HDI capabilities [7]. - The company is leveraging its first-mover advantage in automotive electronics to expand into emerging fields such as humanoid robots and low-altitude aircraft, which are expected to drive future growth [7]. Financial Performance - The company is projected to achieve revenues of 15.1 billion yuan, 17.9 billion yuan, and 21.1 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 1.588 billion yuan, 1.973 billion yuan, and 2.399 billion yuan for the same years [8][11]. - The projected PE ratios for 2025, 2026, and 2027 are 48X, 39X, and 32X, respectively [8].