Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown steady revenue growth in Q3 2025, with a year-on-year increase of 20% and a gross margin recovery [3][8] - The company is actively developing new products such as OLED DDIC, CIS, automotive-grade chips, and PMIC, alongside process upgrades [3][8] - The transition of DRAM technology to 4F2+CBA architecture is expected to create outsourcing opportunities for peripheral circuit manufacturing [3][8] Financial Summary - For the first three quarters of 2025, the company reported revenue of 8.13 billion RMB, with a gross margin of 25.9% and a net profit of 550 million RMB, reflecting a 97% year-on-year increase [8] - The projected revenue growth rates for the upcoming years are 27.7% in 2024, 17.6% in 2025, and 14.7% in 2026 [7] - The company's total market capitalization is approximately 72.3 billion RMB, with PE ratios of 91.1, 66.9, and 53.8 for 2025, 2026, and 2027 respectively [5][7]