Kiwi Instruments(SH:688045) CAITONG SECURITIES·2025-11-07 07:48Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 461 million yuan for the first three quarters of 2025, a year-on-year decrease of 3.15%, but significantly reduced its net loss to 2.79 million yuan [7] - The company has shown a strong improvement in profitability, with a gross profit margin increase of over 15% due to product structure optimization and market share expansion [7] - The company has maintained a high level of R&D investment, with R&D expenses reaching 112 million yuan in the first three quarters of 2025, accounting for 24.33% of revenue [7] - The forecast for revenue from 2025 to 2027 is 670 million yuan, 773 million yuan, and 977 million yuan respectively, with corresponding net profits of 14 million yuan, 35 million yuan, and 56 million yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 578 million yuan, with a growth rate of 10.0%, and a net profit of -19 million yuan [6] - For 2024, revenue is expected to be 688 million yuan, with a growth rate of 19.0%, and a net profit of -17 million yuan [6] - The company is expected to achieve a net profit of 14 million yuan in 2025, with a PE ratio of 210.2 [6] - By 2027, the projected revenue is 977 million yuan, with a net profit of 56 million yuan and a PE ratio of 51.6 [6] Market Performance - The company's stock has shown a performance of -25% over the last 12 months compared to the Shanghai Composite Index and the semiconductor sector [4]