Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Insights - The company achieved record high quarterly revenue and profit, with Q3 2025 revenue reaching 18.08 billion yuan, a year-on-year increase of 20.21%, and net profit of 2.83 billion yuan, up 10.60% year-on-year [2][3] - The data center business has become a significant growth driver, with rapid expansion due to the domestic application of computing power models and increasing demand for modular inductive solutions from overseas clients [5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 50.32 billion yuan, a year-on-year growth of 19.95%, and a net profit of 7.69 billion yuan, up 23.23% year-on-year [2] - The gross margin for Q3 2025 was 36.84%, slightly down from 37.93% in Q3 2024, while the company maintained good cost control with a management expense ratio of 4.8% [4] - The company expects net profits for 2025-2027 to be 11.21 billion yuan, 14.32 billion yuan, and 18.19 billion yuan respectively, with corresponding EPS of 1.39 yuan, 1.78 yuan, and 2.26 yuan [6][11] Product Segment Performance - In Q3 2025, revenue from signal processing was 6.56 billion yuan (36.3% of total revenue), power management revenue was 6.13 billion yuan (33.9%), automotive electronics or energy storage revenue was 4.12 billion yuan (22.8%), and other revenues were 1.26 billion yuan (7.0%) [3] Market Data - As of October 30, 2025, the closing price was 39.00 yuan, with a market capitalization of 314.46 billion yuan [9] - The company’s P/E ratios for 2025-2027 are projected to be 28.1, 22.0, and 17.3 respectively [6][11] Future Outlook - The company’s SOFC project is progressing as planned, indicating potential for future growth [5] - The overall revenue growth is expected to continue, with projected annual growth rates of 27.3% for 2025 and 25.5% for 2027 [11]