ArcSoft(SH:688088) Yong Xing Zheng Quan·2025-11-03 13:51Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has shown impressive performance with a 9.39% year-on-year increase in revenue to 628 million yuan and a 60.51% increase in net profit to 142 million yuan for the first three quarters of 2025 [1] - The mobile smart terminal business generated 512 million yuan in revenue, reflecting a 5.59% growth year-on-year, while the intelligent automotive and AIoT business achieved 105 million yuan, marking a 31.43% increase [2] - The company launched a new flagship imaging technology, ArcSoftVideoDragonFusion, enhancing video quality through hardware and algorithm collaboration [2] - Progress in new business areas such as AI glasses and commercial photography is notable, with contracts signed with 5-6 AI glasses brands and over 300 major brand clients for customized services [3] Financial Projections - The company forecasts net profits of 231 million yuan, 304 million yuan, and 402 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58 yuan, 0.76 yuan, and 1.00 yuan [4][6] - Revenue is expected to grow from 1.004 billion yuan in 2025 to 1.598 billion yuan in 2027, with annual growth rates of 23.2% and 27.6% respectively [6][12] - The projected PE ratios are 93.61, 71.26, and 53.89 for the years 2025, 2026, and 2027 [4][6]