ASR(SH:688220) Changjiang Securities·2025-11-10 13:14Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.88 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.42%. The net profit attributable to the parent company was a loss of 327 million yuan, showing a reduction in losses compared to the previous year [2][5]. - In Q3 2025, the company achieved a revenue of 982 million yuan, which is an 11.07% increase year-on-year but a slight decrease of 0.59% quarter-on-quarter. The net profit attributable to the parent company was a loss of 82 million yuan, with improvements in both year-on-year and quarter-on-quarter loss reduction [2][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.88 billion yuan, with a year-on-year growth of 13.42%. The net profit attributable to the parent company was a loss of 327 million yuan, indicating a reduction in losses compared to the previous year [2][5]. - In Q3 2025, the company reported a revenue of 982 million yuan, which is an 11.07% increase year-on-year but a 0.59% decrease quarter-on-quarter. The net profit attributable to the parent company was a loss of 82 million yuan, reflecting a year-on-year reduction in losses by 44.5% and a quarter-on-quarter reduction by 33.41% [2][5]. Business Segments - The core business of cellular baseband chips showed significant performance, with revenue growth of 25% year-on-year and a substantial increase in gross profit margin, leading to an overall gross margin improvement of 4.71 percentage points year-on-year and 3.44 percentage points quarter-on-quarter, reaching 26.65% [11]. - The customized chip and IP licensing business experienced a 60% year-on-year decline in revenue due to long project cycles and delayed revenue recognition. However, the backlog of orders increased significantly, indicating strong future growth potential [11]. Market Outlook - The company is expected to see strong growth in its cellular baseband and smartphone SoC segments, with a projected revenue of 3.88 billion yuan in 2025, 5.89 billion yuan in 2026, and 7.56 billion yuan in 2027, corresponding to price-to-sales ratios of 10X, 6X, and 5X respectively [11].