712 Corp.(SH:603712) Changjiang Securities·2025-11-11 10:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is focused on expanding its revenue streams while deepening its existing market presence. It is actively exploring new growth avenues, particularly in military communication and civilian communication sectors [2][12] - The company reported a total revenue of 1.192 billion yuan for the first three quarters of 2025, a year-on-year decrease of 25.92%, with a net loss attributable to shareholders of 206 million yuan. In Q3 alone, revenue reached 561 million yuan, reflecting a year-on-year growth of 37.65, although it still reported a net loss of 92 million yuan [6][12] Summary by Sections Military Communication - The company has successfully secured bulk orders for a new platform's comprehensive communication navigation recognition system and has entered the product delivery phase. Additionally, a collaborative data link product has opened up the market with increasing customer orders. The company is also expanding into the unmanned field, signing contracts for differential takeoff and landing guidance equipment [2][12] Civilian Communication - In the railway communication sector, the company maintains its market leadership and is actively involved in the urban rail transit market, focusing on maintenance and renovation projects. It has reached agreements for trial use of its self-branded TAU in various projects and is accelerating the application of new 5G products in urban rail systems [12] Financial Projections - The company forecasts net profits attributable to shareholders of 88 million yuan, 198 million yuan, and 314 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 178, 79, and 50 [12]