Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 250 RMB, indicating a potential upside from the current price of 183 RMB [1][9]. Core Insights - The company has experienced significant revenue growth, with a 79% year-over-year increase and a 120% quarter-over-quarter increase in Q3 2025, reaching a historical high of 1.28 billion RMB [9][12]. - The company is positioned as a leading IP enterprise in China, focusing on key application areas such as Chiplet technology, AI technology, and Risc-V architecture, which are expected to drive future growth [9][12]. - The company has seen a rapid increase in new orders, with a 146% year-over-year growth in Q3 2025, indicating strong demand driven by AI computing needs [12]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 183 RMB and a market capitalization of 91.66 billion RMB [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on August 25, 2025 [3]. Product Mix - The revenue breakdown includes 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Performance - The company forecasts revenues of 3.06 billion RMB, 4.25 billion RMB, and 5.39 billion RMB for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 39%, and 27% [12][16]. - The net profit is projected to turn positive in 2025, with estimates of 26 million RMB, 155 million RMB, and 245 million RMB for the years 2025, 2026, and 2027, respectively [11][12]. Cash Flow and Balance Sheet - The company is expected to generate positive cash flow from operating activities starting in 2026, with a net increase in cash and cash equivalents projected for the following years [18]. - Total assets are projected to grow from 52.64 billion RMB in 2025 to 68.42 billion RMB in 2027, reflecting a strong balance sheet [17].