Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown significant revenue growth driven by large orders, with a total of approximately 266 million yuan in orders received this year, which is about 106% of the expected revenue for 2024 [6] - The data center segment has experienced substantial growth, contributing positively to the company's profit margins [6] - The company is expected to achieve rapid growth in revenue and profit over the next few years, with projected revenues of 5.17 billion yuan, 10.24 billion yuan, and 14.40 billion yuan from 2025 to 2027, respectively [8] Summary by Sections Company Overview - The latest closing price is 529.49 yuan, with a 12-month price range of 92.01 to 529.49 yuan [2] - The total share capital is 85.95 million shares, with a circulating market value of 31.848 billion yuan [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan [5] - In Q3 alone, the company reported a revenue of 178 million yuan, up 207.31% year-on-year, and a net profit of 60 million yuan [5] Growth Drivers - The company's growth is driven by product advancements and overseas capacity expansion, with significant progress in customer validation for its 100mW products and plans for a local production base in the U.S. [7] - The company plans to invest up to 50 million USD in its wholly-owned subsidiary in Singapore to support the establishment of a production base in the U.S. [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 5.17 billion yuan, 10.24 billion yuan, and 14.40 billion yuan, respectively, with corresponding net profits of 151 million yuan, 431 million yuan, and 626 million yuan [11] - The company is expected to achieve a net profit growth rate of 2,554% in 2025 and 186% in 2026 [11]