Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant rebound in revenue and profit, with total revenue for the first three quarters of 2025 reaching 2.468 billion yuan, a year-on-year increase of 210.01%, and a net profit attributable to shareholders of 125 million yuan, up 268.83% year-on-year [1][7] - The strong performance is attributed to an increase in order volume and accelerated delivery schedules, leading to rapid revenue growth [7] - The gross profit margin decreased to 20.32% from 31.24% in the same period last year, but remains within a reasonable range given the substantial revenue increase [7] - The company has improved its asset structure and maintained controllable debt levels, with a debt-to-asset ratio of 54.60% [7] - Operating cash flow has significantly improved, with net cash flow from operating activities at -196 million yuan, showing a substantial year-on-year improvement [7] Financial Summary - Total revenue forecast for 2025 is 5.028 billion yuan, with a projected net profit of 222.94 million yuan [1][8] - The company expects net profits of 2.23 billion yuan, 2.74 billion yuan, and 3.04 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 99, 81, and 73 [7][8] - The sales expenses for the first three quarters were 36 million yuan, while R&D expenses increased to 203 million yuan, indicating a commitment to technology investment [7] - The company’s stock price is currently at 14.63 yuan, with a market capitalization of approximately 22.11 billion yuan [5]