Core Viewpoint - The company reported a steady growth in performance for the first three quarters of 2025, with revenue reaching 1.181 billion yuan, a year-on-year increase of 5.57%, and a net profit attributable to shareholders of 101 million yuan, up 25.04% [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.181 billion yuan (+5.57%) and a net profit of 101 million yuan (+25.04%), with a non-recurring net profit of 97 million yuan (+37.81%) [2]. - In Q3 2025, the company recorded revenue of 396 million yuan, showing a year-on-year increase of 17.37% but a quarter-on-quarter decrease of 10.21%. The net profit for the quarter was 37 million yuan, reflecting a year-on-year increase of 51.39% and a quarter-on-quarter increase of 10.51% [2]. - The gross profit margin for the first three quarters of 2025 was 24.12% (+1.94 percentage points), and the net profit margin was 8.10% (+1.81 percentage points) [2]. Business Segments - **Power Equipment Business**: The company focuses on the operation and expansion of electric vacuum devices, with key products including vacuum circuit breakers and high-power laser RF electronic tubes. It has established a complete industrial chain for vacuum circuit breakers and is one of the largest manufacturers in China, with an annual production capacity exceeding 1.2 million units [3]. - **Military Industry Business**: The company has built a comprehensive product layout in the military sector, covering missiles, aircraft, and ships. It has a rich customer base, including major military groups and research institutes in China, with products such as missile detonation devices and precision components for aerospace [3]. - **Electronic Materials Business**: The company specializes in the design, research, and production of ceramic vacuum devices, with a focus on ceramic metallization technology. It has achieved an annual production capacity of 500 tons for aluminum nitride powder and developed high thermal conductivity substrates, becoming a leading supplier in China [4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 154 million yuan, 222 million yuan, and 306 million yuan for 2025, 2026, and 2027, respectively. Corresponding EPS is expected to be 0.19 yuan, 0.27 yuan, and 0.37 yuan, with PE ratios of 91.17, 63.31, and 45.97 times [4].