Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.76 [4][9]. Core Views - The company achieved a revenue of 12.914 billion yuan in the first three quarters of 2025, representing an increase of 18.82%, and a net profit attributable to shareholders of 1.470 billion yuan, up 15.78% [1][4]. - In Q3 alone, the revenue reached 4.567 billion yuan, a year-on-year increase of 25.54%, with a net profit of 506 million yuan, up 18.95% [1][4]. - The company is transitioning from single components to modular solutions in the automotive sector, which is expected to enhance the value per vehicle [1]. - The demand for high-voltage direct current relays in data centers is anticipated to grow, driven by the trend towards higher power and direct current applications [2]. Financial Summary - Revenue projections for 2025-2027 are 17.058 billion yuan, 19.570 billion yuan, and 21.813 billion yuan, with growth rates of 21.0%, 14.7%, and 11.5% respectively [2][8]. - Net profit forecasts for the same period are 1.939 billion yuan, 2.245 billion yuan, and 2.579 billion yuan, with growth rates of 18.9%, 15.8%, and 14.9% respectively [2][8]. - Earnings per share (EPS) are projected to be 1.30 yuan, 1.50 yuan, and 1.73 yuan for 2025, 2026, and 2027 respectively [2][8]. - The company maintains a stable gross margin, with projections of 36.8% in 2025, 37.1% in 2026, and 37.2% in 2027 [8].