Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported significant growth in Q3 2025, with revenue reaching 4.22 billion yuan, a year-on-year increase of 85.27%, and a net profit attributable to shareholders of 557 million yuan, up 105.14% year-on-year [4][6]. - The advanced process verification equipment has entered mass production, contributing to substantial revenue growth [7]. - The company is positioned as a pioneer in domestic thin-film deposition equipment, actively expanding into hybrid bonding, which opens up long-term growth opportunities [7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.22 billion yuan, a year-on-year increase of 85.27%, and a net profit of 557 million yuan, up 105.14% [4]. - In Q3 2025, revenue was 2.27 billion yuan, representing a year-on-year growth of 124.15% and a quarter-on-quarter increase of 81.94% [7]. - The gross profit margin for the first three quarters of 2025 was 33.28%, a decrease of 10.31 percentage points year-on-year, while the net profit margin was 12.69%, an increase of 1.28 percentage points year-on-year [7]. - The company’s projected revenues for 2025-2027 are 6.12 billion, 8.08 billion, and 10.24 billion yuan, respectively, with net profits of 1.09 billion, 1.60 billion, and 2.23 billion yuan [9][10]. Market Performance Summary - The company's stock performance has significantly outpaced the CSI 300 index, with a 12-month increase of 116.0% compared to the index's 21.1% [6]. - As of October 30, 2025, the stock price was 326.75 yuan, with a 52-week price range of 138.63 to 341.80 yuan [6]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 84, 57, and 41 times, respectively [9][10]. - The expected ROE for the company is projected to increase from 17% in 2025 to 23% in 2027 [10].