关于 aws 的厂：之前得到的信息是 3 月份（启动相关安排），没想到会这么早 ——；另外，TR3 要推迟到 Q3，推迟的这部分产能会分给 TPU。 关于 aws 的厂：之前得到的信息是 3 月份（启动相关安排），没想到会这么早 ——；另外，TR3 要推迟到 Q3，推迟的这部分产能会分给 TPU。 上周就有这个消息了，一直没发是想核算具体数据，但目前还没拿到准确的（产能分配）数字，不清楚到底有多 少产能给了 TPU。 nv转接头：，对应的订单规模也从 15 亿涨到了 20 亿。 上周就有这个消息了，一直没发是想核算具体数据，但目前还没拿到准确的（产能分配）数字，不清楚到底有多 少产能给了 TPU。 nv转接头：，对应的订单规模也从 15 亿涨到了 20 亿。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 989 million yuan for the first three quarters of 2025, representing a year-on-year increase of 19.89%. The net profit attributable to shareholders was 135 million yuan, up 42.62% year-on-year [7][8] - The company has seen rapid growth in design and soft decoration orders, while its engineering business is contracting. New orders signed in the first three quarters of 2025 reached 1.897 billion yuan, a 59.2% increase year-on-year, with design and soft decoration orders growing by 43.2% and 97.3% respectively [7][8] - The company is expected to achieve revenues of 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 164 million yuan, 184 million yuan, and 210 million yuan for the same years [7][8] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 37.38%, an increase of 3.54 percentage points year-on-year. The net profit margin was 13.69%, up 2.18 percentage points year-on-year [8] - The company's operating cash flow for the period was 182 million yuan, an increase of 27 million yuan compared to the same period last year [8] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with a price-to-earnings (PE) ratio of 24.0 [6][9] Order and Revenue Outlook - As of the end of September 2025, the company had a total of 3.756 billion yuan in signed but uncompleted orders, with design, soft decoration, and engineering business orders amounting to 2.963 billion yuan, 699 million yuan, and 93 million yuan respectively [7][8] - The company’s revenue growth rate is expected to be 15.0% in 2025, followed by 8.3% in 2026 and 8.6% in 2027 [6][9]