Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 1.659 billion yuan, a year-on-year growth of 121.47%, and net profit attributable to shareholders at 223 million yuan, a year-on-year increase of 558.51% [1] - In Q3, the company's revenue was 554 million yuan, a quarter-on-quarter decline of 20.74%, and net profit was 72 million yuan, down 39.12% from the previous quarter, primarily due to the delivery schedule of high-speed module customers [2] - The company is capitalizing on the growing demand for AI servers in China, establishing partnerships with major manufacturers and internet companies, which has led to a significant market presence and scale [3] - The company is increasing its R&D investment, developing various products in computing, new energy vehicles, and defense sectors, which supports its innovation strategy [4] - The company maintains optimistic profit forecasts for 2025-2027, expecting net profits of 369 million yuan, 609 million yuan, and 804 million yuan respectively, driven by strong technical advantages in high-speed connectors and modules [5] Financial Summary - For 2023, the company expects revenue of 903.64 million yuan, with a growth rate of -8.17%, and a net profit of 72.37 million yuan, with a growth rate of -26.74% [6] - The projected revenue for 2025 is 2.48 billion yuan, with a growth rate of 127.10%, and a net profit of 369.23 million yuan, reflecting a substantial increase [6] - The company's EBITDA for 2025 is estimated at 631.37 million yuan, indicating strong operational performance [6]
华丰科技（688629）：Q3短期阶段性扰动，高速线模组持续放量