欧陆通（300870）：欧陆通（300870）：同环比持续增长，创新高更驭浪潮

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 3.387 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.16%. The net profit attributable to shareholders was 222 million yuan, up 41.53% year-on-year. The gross margin was 20.47%, a decrease of 0.81 percentage points, while the net margin was 6.58%, an increase of 0.69 percentage points [5][12]. - In Q3 2025, the company achieved a revenue of 1.267 billion yuan, reflecting a year-on-year growth of 19.00% and a quarter-on-quarter increase of 2.81%. All three major business segments experienced growth, with quarterly revenue reaching a new high following Q2. The net profit for the quarter was 88 million yuan, up 25.15% year-on-year and 4.54% quarter-on-quarter [5][12]. - The company has shown resilience in the face of the "chip shortage," with growth in its three business segments: power adapters, data center power supplies, and other power supplies. The company has established itself as a leader in high-power data center power supplies, with significant collaborations with major domestic server manufacturers [12][12]. - The global demand for AI infrastructure is rapidly increasing, which is expected to enhance the company's technological capabilities and market position, particularly in overseas markets [12][12]. - The company is projected to achieve net profits of 335 million, 464 million, and 557 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 65.2, 47.0, and 39.1 times [12][12]. Financial Summary - For the first three quarters of 2025, total expenses amounted to 409 million yuan, a year-on-year increase of 22.98%, with an expense ratio of 12.06%, down 0.41 percentage points [5]. - In Q3 2025, total expenses were 153 million yuan, up 19.17% year-on-year, with an expense ratio of 12.11%, showing a slight increase [12]. - The company’s R&D expenses for Q3 2025 were 79 million yuan, a significant increase of 59.12% year-on-year, with an R&D expense ratio of 6.22%, up 1.57 percentage points [12].