JHT(SH:603061) China Post Securities·2025-11-17 13:13Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The demand for GPU computing power continues to rise, with a recovery in packaging and testing equipment demand leading to significant revenue growth. In Q3 2025, the company achieved revenue of 174 million yuan, a year-on-year increase of 137.97%, and a net profit attributable to shareholders of 48.98 million yuan, up 832.58% year-on-year. For the first three quarters of 2025, revenue reached 482 million yuan, a year-on-year increase of 87.88%, with a net profit of 125 million yuan, up 178.18% year-on-year [4][5] Company Overview - The latest closing price is 125.01 yuan, with a total share capital of 60 million shares and a circulating share capital of 42 million shares. The total market value is 7.5 billion yuan, and the circulating market value is 5.2 billion yuan. The 52-week high and low prices are 146.15 yuan and 68.68 yuan, respectively. The asset-liability ratio stands at 17.7%, and the price-to-earnings ratio is 92.60 [3] Financial Forecast - The company is expected to achieve revenues of 660 million yuan, 890 million yuan, and 1.15 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 180 million yuan, 270 million yuan, and 380 million yuan for the same years. The "Buy" rating is maintained based on these forecasts [6][10]