Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company reported a revenue of 3.28 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.7%. The net profit attributable to the parent company was 489 million yuan, with a year-on-year increase of 1.5% [6]. - The report highlights that the company is currently in a transitional phase between old and new business segments, with price declines in MLCC powder and oral products impacting profit margins. Future growth is anticipated from the ramp-up of new products [6][7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 4.047 billion yuan - 2025: 4.345 billion yuan - 2026: 4.892 billion yuan - 2027: 5.521 billion yuan - The expected net profit attributable to the parent company is projected to be: - 2025: 635 million yuan - 2026: 713 million yuan - 2027: 828 million yuan - The gross profit margin is expected to be around 37.6% in 2025, with a gradual increase to 37.9% by 2027 [2][6][7]. Market Data - As of November 3, 2025, the closing price of the company's stock was 23.31 yuan, with a market capitalization of 19.612 billion yuan. The price-to-book ratio stands at 3.3, and the dividend yield is 0.86% [3][6].