Investment Rating - The report maintains a "Recommended" rating for the company [6][12]. Core Insights - The company has shown significant improvement in its quarterly performance, focusing on its core business, which has led to a recovery in its financial results. For the first three quarters of 2025, revenue reached 10.295 billion yuan, a year-on-year increase of 7.18%, and net profit was 16.067 million yuan, marking a turnaround from losses [1]. - In Q3 2025, the company reported revenue of 3.929 billion yuan, up 11.31% year-on-year, with a reduced net loss of 122 million yuan compared to a loss of 266 million yuan in the same period last year. This improvement is attributed to the company's focus on its main business, cost control, and optimization of product structure [1]. - The company is actively seizing the trend of computing power development, launching key products that lay a solid foundation for market expansion. In October 2025, it introduced two domestic computing power products at the China Mobile Global Partner Conference, enhancing its competitive edge in the market [2]. - The power supply business is highly competitive and is expected to benefit from the long-term trend of AI computing power development. The company has been recognized for its brand value and holds a leading market share in various power supply segments [3]. - The company is positioned as a key player in China's electronic computing industry, focusing on high-quality development in the autonomous intelligent computing sector. It is expected to enter a new growth phase driven by AI and domestic technology replacement [3]. Financial Summary - For 2025, the company forecasts revenues of 16.372 billion yuan, with a growth rate of 15.3%. The net profit is expected to be 35 million yuan, marking a significant recovery from a loss of 1.479 billion yuan in 2024 [5][9]. - The projected revenue for 2026 and 2027 is 18.046 billion yuan and 19.873 billion yuan, respectively, with corresponding net profits of 155 million yuan and 325 million yuan [5][9]. - The company's price-to-sales (PS) ratio is expected to stabilize around 3X for the next three years, indicating a favorable valuation relative to its growth prospects [3][5].