YTOT(SZ:300790) Changjiang Securities·2025-11-16 09:45Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.362 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 18.49%. The net profit attributable to the parent company was 188 million yuan, up 40.99% year-over-year, while the net profit excluding non-recurring items was 186 million yuan, reflecting a 49.29% increase year-over-year. In Q3 alone, the revenue reached 946 million yuan, marking a year-over-year growth of 27.06% and a quarter-over-quarter increase of 18.22%. The net profit for Q3 was 80 million yuan, up 64.91% year-over-year and 36.96% quarter-over-quarter, with a net profit margin of 8.5% and a net profit margin excluding non-recurring items of 8.73% [5][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.362 billion yuan, with a year-over-year growth of 18.49%. The net profit attributable to the parent company was 188 million yuan, showing a year-over-year increase of 40.99%. The net profit excluding non-recurring items was 186 million yuan, up 49.29% year-over-year. In Q3, the revenue was 946 million yuan, reflecting a year-over-year growth of 27.06% and a quarter-over-quarter increase of 18.22%. The net profit for Q3 was 80 million yuan, with a year-over-year increase of 64.91% and a quarter-over-quarter increase of 36.96% [5][12]. Business Growth Drivers - The core growth driver for the company is the significant increase in revenue from the molded glass business, which benefited from the new consumer markets such as panoramic cameras and action cameras. The company expects continued growth in this segment, especially with new product launches from major clients like DJI [12]. Market Opportunities - The company is positioned as a hidden champion in the molded glass and security lens industries. There is a substantial opportunity in the external telephoto lens market for Android flagship phones, with expected releases from brands like vivo and OPPO. The company plans to introduce cost-effective versions to cater to mid-range models [12]. Long-term Outlook - The company has a stable cash flow and profit contribution from its security lens business, while the automotive optical business is on a growth trajectory due to rising industry demand and increased market share. The company is well-positioned to capitalize on the growth in the molded glass and automotive lens markets, with projected net profits for 2025-2027 of 294 million, 479 million, and 643 million yuan, respectively [12].