Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Views - The company's Q3 performance showed significant improvement on a quarter-over-quarter basis, benefiting from the domestic PCB (Printed Circuit Board) localization trend [4][9] - The company is positioned as a leading domestic photoresist dry film manufacturer, expected to experience new growth alongside the PCB localization [4][9] Financial Summary - For the first three quarters of 2025, the company reported a revenue of RMB 11.78 billion, a decrease of 22.32% year-on-year, and a net profit attributable to shareholders of RMB 687.60 million, down 45.34% year-on-year [9][10] - The company’s Q3 net profit was RMB 1.92 billion, a decrease of 41.79% year-on-year but a significant increase of 102.74% quarter-over-quarter [9] - The projected earnings per share (EPS) for 2025-2027 have been updated to RMB 0.39, 0.74, and 0.99 respectively, with corresponding price-to-earnings ratios of 39.8, 21.2, and 15.8 [6][8] Revenue and Profitability Forecast - The company’s main revenue is projected to be RMB 18.62 billion in 2025, with a growth rate of -2.7% [8] - The EBITDA for 2025 is estimated at RMB 1.14 billion, with a significant increase expected in subsequent years [8] - The gross profit margin for Q3 2025 was reported at 8.89%, a decrease of 2.47 percentage points quarter-over-quarter, while the net profit margin improved by 2.76 percentage points to 4.80% [9][10]