Avary Holding(SZ:002938) Shenwan Hongyuan Securities·2025-11-13 13:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is accelerating its capital expenditure (Capex) towards AI capabilities and has acquired a 53.68% stake in Huayang Technology to strengthen its automotive electronics layout [7] - The company reported a revenue of 42.2868 billion yuan in October 2025, a year-on-year decrease of 3.08%, while the revenue for Q1-Q3 2025 was 26.855 billion yuan, reflecting a year-on-year growth of 14.34% [7] - The company is focusing on expanding its production capacity in AI computing and has projected a net profit of 4.024 billion yuan for 2025, with a price-to-earnings (PE) ratio of 27 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 38.383 billion yuan, with a year-on-year growth rate of 9.2% [6] - The projected net profit for 2025 is 4.024 billion yuan, with a year-on-year growth rate of 11.2% [6] - The company plans to increase its capital expenditure to 49.72 billion yuan in 2025, a significant increase from the previous year [7]