Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue at 7.052 billion yuan, down 27.7% year-on-year, and net profit at 1.098 billion yuan, down 43.1% year-on-year. However, there are signs of recovery as inventory and contract liabilities have increased for three consecutive quarters, with a significant year-on-year growth of 41% in Q3 [2][5]. - The company is expected to achieve net profits of 1.66 billion yuan, 2.01 billion yuan, and 2.41 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 39.6x, 32.7x, and 27.2x, indicating potential investment opportunities [2]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported revenue of 7.052 billion yuan, a decrease of 27.7% year-on-year, and a net profit of 1.098 billion yuan, down 43.1% year-on-year. The third quarter alone saw revenue of 2.338 billion yuan, down 22.4% year-on-year, and a net profit of 385 million yuan, down 35.7% year-on-year [5][6]. - The gross margin improved in Q3 to 37.4%, with a year-on-year increase of 1.52 percentage points, indicating a potential recovery in profitability [12]. Business Segments - The revenue decline is attributed to pressures in the software development sector, while the IDC (Internet Data Center) business has shown stable growth. The company’s contract liabilities increased to 3.355 billion yuan, up 6.94 million yuan year-on-year, and inventory rose to 4.601 billion yuan, up 16.33 million yuan year-on-year, suggesting a positive trend in order recovery [12]. Future Outlook - The company is focusing on accelerating IDC construction and advancing AI and robotics strategies. As of Q3, the ongoing projects amounted to 1.940 billion yuan, reflecting the company's commitment to expanding its IDC capabilities [12]. - The investment recommendation emphasizes the importance of monitoring recovery signals, as the company is gradually returning to a growth trajectory with improving order conditions [12].