Investment Rating - The investment rating for the company is "Add" [2] Core Insights - The company reported a revenue of 1.659 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 121.47%, and a net profit of 223 million yuan, marking a turnaround from a loss in the previous year [5][6] - The acceleration in data center construction, driven by advancements in artificial intelligence, cloud computing, and big data technologies, is expected to further boost the company's revenue from communication-related products [6] - The company has a full order book and high capacity utilization, indicating strong demand for its products [6] Financial Performance - The company achieved a quarterly revenue of 554 million yuan in Q3 2025, which is a 109.07% increase year-on-year but a 20.74% decrease quarter-on-quarter [6] - The projected revenues for 2025, 2026, and 2027 are 2.44 billion yuan, 3.65 billion yuan, and 4.73 billion yuan, respectively, with net profits expected to be 350 million yuan, 560 million yuan, and 800 million yuan [8][10] - The company’s earnings per share (EPS) are projected to improve from -0.04 yuan in 2024 to 1.74 yuan in 2027 [12] Market Position and Growth - The company is expanding its customer base for high-speed cable modules, collaborating with major manufacturers and internet companies [7] - The production capacity for high-speed cable modules has significantly increased, with further expansions planned based on customer demand [7] - The company is in the verification and small-batch stage for its CPU SOCKET products, with expectations for revenue growth starting next year [7]
华丰科技（688629）：高速线模组持续上量