Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a record high revenue in Q3, driven by the AI wave in consumer electronics, which has significantly increased the demand for precision welding [7] - The semiconductor business is making progress, contributing to the domestic substitution process, with notable orders received for silicon carbide and discrete device packaging equipment [7] - The company is expected to achieve revenues of 1,098 million yuan, 1,338 million yuan, and 1,540 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 273 million yuan, 333 million yuan, and 388 million yuan [7] Financial Performance - For Q3 2025, the company reported revenue of 3.04 billion yuan, a year-on-year increase of 30.82%, and a net profit of 660 million yuan, up 48.77% year-on-year [7] - The projected revenue growth rates for the years 2024 to 2027 are 19.2%, 16.2%, 21.9%, and 15.1% respectively [6] - The projected net profit growth rates for the same period are 11.1%, 28.6%, 21.9%, and 16.5% respectively [6] Market Performance - The company's stock has shown a performance of -12%, 1%, 13%, 26%, and 39% over the last 12 months compared to the CSI 300 index [4]