Guoxin Securities·2025-11-15 13:44Investment Rating - The report maintains an "Outperform" rating for the company [3][5][28] Core Views - The company reported a record high quarterly revenue of $2.382 billion in Q3 2025, exceeding guidance and showing a year-over-year increase of 9.7% and a quarter-over-quarter increase of 7.8% [1][2] - The gross margin for Q3 2025 was 22.0%, surpassing the guidance range of 18%-20% [1] - The company expects full-year revenue to exceed $9 billion, with Q4 2025 revenue projected to grow by 0%-2% [1][3] Summary by Sections Financial Performance - Q3 2025 sales revenue reached $2.382 billion, with wafer revenue accounting for 95.2% of total revenue [1] - Net profit attributable to shareholders was $192 million, reflecting a year-over-year increase of 28.9% and a quarter-over-quarter increase of 44.7% [1] - The company’s capital expenditure in Q3 2025 was $2.394 billion, a significant year-over-year increase of 103% [2] Capacity and Utilization - The capacity utilization rate increased to 95.8%, marking a year-over-year rise of 5.4 percentage points [2] - The monthly production capacity of 8-inch wafers surpassed 1 million pieces [1] Revenue Breakdown - In Q3 2025, 12-inch wafers contributed 77.0% to wafer revenue, while 8-inch wafers contributed 23.0% [2] - Revenue from industrial and automotive applications saw the highest growth rates, with increases of 66.6% and 21.8% respectively [2] Geographic Revenue Distribution - In Q3 2025, 86.2% of revenue came from China, 10.8% from the United States, and 3.0% from the Eurasian region [2] Earnings Forecast - The report revised the net profit forecasts for 2025-2027 to $648 million, $808 million, and $945 million respectively [3][4]