Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [13]. Core Insights - The company has shown steady revenue growth in Q3 2025, with a focus on the full-chain layout of ASIC and storage modules [3][5]. - The company is actively collaborating with Tianlianxin and Xincun Technology to establish a comprehensive layout for ASIC and enterprise-level storage modules, indicating a strong growth potential in these sectors [8][10]. - The report highlights the company's strategic focus on high-end production lines and the development of complex modules and automotive electronics, which are expected to drive future growth [7][11]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported revenue of 1.338 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 113 million yuan, up 8% year-on-year [6]. - In Q3 2025, revenue reached 483 million yuan, reflecting a year-on-year growth of 21%, while net profit decreased by 5% year-on-year to 38 million yuan [6]. Business Development - The company is advancing its complex module production, which has begun small-scale supply, marking a significant step from single display modules to integrated solutions [7]. - The automotive electronics segment is experiencing rapid growth, with key clients including BYD and Dongfeng, and the company is enhancing its product offerings with new technologies [7]. Market Outlook - The report anticipates significant growth in the enterprise-level SSD market driven by AI and data center demands, with projections indicating the global market could reach 39.6 billion USD by 2029 [9]. - The company is well-positioned to capitalize on the growing demand for ASIC chips and enterprise-level storage solutions, supported by its investments in relevant technologies [10][11].
天山电子（301379）：Q3营收稳健增长，持续关注ASIC及存储模组全链条布局