Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue growth, with a 33% year-on-year increase in revenue for the first three quarters of 2025, reaching 753 million yuan. The semiconductor testing equipment business has been a significant driver, with revenue soaring by 220.5% to 423 million yuan, accounting for 56.22% of total revenue [5] - The company continues to invest in product research and development, with total R&D expenditure of 105 million yuan in the first three quarters of 2025, a 34.82% increase year-on-year, representing 13.89% of revenue [6] - The company has secured a significant order exceeding 300 million yuan in the DRAM business and successfully delivered its first high-speed testing machine to a key domestic customer, reinforcing its strategic advantage in semiconductor storage testing equipment [6] Financial Summary - Revenue projections for 2025-2027 are 1.258 billion yuan, 1.729 billion yuan, and 2.288 billion yuan, respectively, with corresponding net profits of 185 million yuan, 286 million yuan, and 419 million yuan [7] - The company’s gross margin is expected to improve from 32.8% in 2024 to 41.0% by 2027, indicating a positive trend in profitability [9] - The projected P/E ratios for 2025-2027 are 99X, 64X, and 44X, respectively, suggesting a decreasing valuation multiple over time [7][9]