Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company achieved Q3 revenue of 1.244 billion RMB, representing a year-over-year increase of 30.28% and a quarter-over-quarter increase of 19.97%. The net profit attributable to the parent company was 286 million RMB, showing a slight year-over-year decline of 0.71% but a quarter-over-quarter increase of 5.14% [1][2]. - The company's platform layout and increased market share have driven revenue growth, although the gross margin decreased by 4.9 percentage points quarter-over-quarter due to the recognition of revenue from new products in the third quarter [2][4]. - The company is focusing on advanced process technologies and functional requirements, continuously updating its CMP and ion implantation products to meet the urgent demands in AI chips, HBM packaging, and Chiplet heterogeneous integration [1][4]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 3.194 billion RMB, up 30.28% year-over-year, with a net profit of 791 million RMB, reflecting a year-over-year increase of 9.81% [1][2]. - The third quarter's net profit margin was 23.0%, down 7.18 percentage points year-over-year and 3.24 percentage points quarter-over-quarter, primarily due to increased R&D investments and production capacity [2][3]. Product Development and Market Position - The company is actively pursuing opportunities in the integrated circuit field, focusing on CMP equipment, thinning equipment, and other advanced technologies [3][4]. - The proportion of advanced orders for CMP equipment has significantly increased, and the company has seen substantial growth in orders for 12-inch ultra-precision wafer thinning machines [3][4]. Strategic Outlook - The company is benefiting from trends driven by AI, particularly in HBM and advanced packaging, and is solidifying its platform-based development strategy [4][5]. - The strategic investment in Suzhou Bohongyuan aims to create a one-stop platform for precision planar equipment, enhancing the company's competitive edge [4][5]. Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted to 4.699 billion RMB, 6.033 billion RMB, and 7.573 billion RMB, respectively, with a slight decrease in net profit forecasts due to increased R&D investments [5][10]. - The target price is set at 178.92 RMB, corresponding to a 43x PE for 2025, reflecting a positive outlook based on comparable company valuations [5][11].