Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown steady revenue growth in the first three quarters of 2025, with a year-on-year increase of 15% in revenue, reaching 4.108 billion yuan. However, the net profit attributable to shareholders decreased by 13.95% to 228 million yuan [4]. - The company's main products include various electronic components such as MLCCs, resistors, inductors, and capacitors, which are applied across multiple sectors including automotive, communications, home appliances, and AI computing [5]. - The company has enhanced its R&D capabilities, focusing on high-reliability and high-capacity products, achieving breakthroughs in several high-end product technologies and filling product gaps in the automotive sector [6]. Financial Performance - The company is projected to achieve revenues of 5.856 billion yuan, 6.694 billion yuan, and 7.537 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 364.79 million yuan, 517.47 million yuan, and 676.66 million yuan for the same years [7][10]. - The company's earnings per share (EPS) is forecasted to grow from 0.32 yuan in 2025 to 0.58 yuan in 2027, reflecting a positive growth trajectory [10][13]. - The company maintains a low debt-to-asset ratio of 23.9%, indicating a strong balance sheet [3][13].