3PEAK(SH:688536) GUOTAI HAITONG SECURITIES·2026-04-01 11:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 225.50 CNY, indicating a potential upside from the current price of 171.93 CNY [6][13]. Core Insights - The company has turned profitable, with revenue increasing for seven consecutive quarters. The growth is driven by dual engines of signal chain and power management, with four downstream markets developing in synergy [2][13]. - In 2025, the company achieved a revenue of 2.142 billion CNY, a year-on-year increase of 75.65%, and a net profit attributable to shareholders of 173 million CNY, marking a turnaround from losses [13]. - The company is focusing on high-growth sectors such as industrial, automotive electronics, and communications, with new product introductions expected to drive further growth [3][13]. Financial Summary - Total revenue projections for the company are as follows: 1.22 billion CNY in 2024, 2.142 billion CNY in 2025, 2.953 billion CNY in 2026, 3.890 billion CNY in 2027, and 5.006 billion CNY in 2028, reflecting growth rates of 11.5%, 75.6%, 37.8%, 31.7%, and 28.7% respectively [5][14]. - The net profit attributable to shareholders is projected to be -197 million CNY in 2024, turning to 173 million CNY in 2025, and further increasing to 567 million CNY by 2028 [5][14]. - The earnings per share (EPS) forecast for 2026 is 2.15 CNY, increasing to 4.11 CNY by 2028 [13][14]. Market Performance - The company's stock has a 52-week price range of 115.70 CNY to 209.07 CNY, with a total market capitalization of 23.739 billion CNY [7]. - The stock has shown an absolute increase of 45% over the past 12 months, outperforming the market index [11]. Business Segments - The company’s revenue from the industrial market, which is the largest segment, has seen significant growth in areas such as new energy, industrial control, and power modules [13]. - In the automotive sector, revenue exceeded 300 million CNY in 2025, with a doubling of large-scale revenue clients in Q3 [13]. - The communications market has benefited from AI computing demand, with optical module revenue surpassing 100 million CNY [13]. Conclusion - The report highlights the company's strong performance and growth potential in various high-demand sectors, supported by new product launches and strategic partnerships, making it a favorable investment opportunity [2][13].