Sunlord(SZ:002138) Huaan Securities·2025-11-06 06:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q3 2025, achieving a record high in revenue and profit, driven by traditional mobile business growth and rapid expansion in emerging markets such as automotive electronics and data centers [5][6] - The mobile business showed steady growth, with signal processing revenue increasing by 9.5% year-on-year, while power management revenue grew by 24.4% [5] - The automotive electronics segment experienced significant growth, with revenue rising by 36.1% year-on-year, indicating a strong market position and expanding product lines [5] - The data center market is emerging as a key growth area, with increasing orders and new product breakthroughs expected [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 5.03 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of 770 million yuan, up 23.2% [5] - In Q3 2025 alone, revenue reached 1.81 billion yuan, representing a 20.2% year-on-year growth and a 2.5% quarter-on-quarter increase, marking a historical high [5] - The company's gross margin for Q3 2025 was 36.8%, showing a slight decline of 1.1 percentage points year-on-year, but remained stable quarter-on-quarter [5] Revenue and Profit Forecast - The company is expected to achieve revenues of 7.18 billion yuan, 8.80 billion yuan, and 10.44 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.07 billion yuan, 1.33 billion yuan, and 1.65 billion yuan [7][10] - The projected EPS for the same years is 1.33 yuan, 1.65 yuan, and 2.04 yuan, with P/E ratios of 23.90, 19.18, and 15.51 respectively [7][10]