Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2025 performance met market expectations, with a revenue of 4.904 billion yuan for Q1-Q3, a year-on-year increase of 15.1%, and a net profit of 1.263 billion yuan, up 25.0% year-on-year. In Q3 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, and net profit was 571 million yuan, a significant rise of 109.6% year-on-year [4][7] - The company's revenue growth is driven by increased demand in the special integrated circuit business, with a focus on eSIM and automotive safety chips, alongside the introduction of high-end AI visual perception and mid-to-high-end MCU products [7] - The gross margin for Q3 2025 was 58.32%, an increase of 3.86 percentage points year-on-year, while the net margin rose by 11.11 percentage points to 30.71% [7] - The company is positioned as a leader in the special integrated circuit market, with expanding demand in defense information technology, aerospace, and unmanned equipment sectors [7] - The report raises the profit forecast for 2025-2027, projecting net profits of 17.23 billion, 24.60 billion, and 34.95 billion yuan respectively, reflecting strong growth potential [7] Financial Data and Profit Forecast - For 2025, the total revenue is projected at 7.194 billion yuan, with a year-on-year growth rate of 30.5%. The net profit is expected to reach 1.723 billion yuan, a 46.1% increase year-on-year [6] - The earnings per share (EPS) for 2025 is estimated at 2.03 yuan, with a gross margin of 56.8% and a return on equity (ROE) of 12.7% [6][9]