Investment Rating - The report assigns a "Trading Buy" rating, indicating a potential upside of 5% to 15% from the current stock price [6][9]. Core Insights - The company, a leader in the domestic AI chip sector, has experienced a significant revenue increase of 13 times year-over-year in Q3 2025, reflecting strong domestic demand for computing power [6][9]. - The company has turned profitable with a net profit of 1.6 billion RMB in Q3 2025, showcasing a robust recovery from previous losses [9]. - The demand for AI chips is expected to remain high due to the ongoing development and application of artificial intelligence technologies [6][9]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.61 billion RMB, a year-over-year increase of 2386%, and a net profit of 1.6 billion RMB, marking a turnaround from losses [9]. - The gross margin for the first three quarters remained stable at 55.3% compared to the same period last year [9]. - The company has set a full-year revenue guidance of 5 billion to 7 billion RMB, supported by a significant increase in inventory, which reached a historical high of 3.73 billion RMB [9]. Future Earnings Forecast - The company is projected to achieve revenues of 6.97 billion RMB, 13.8 billion RMB, and 20 billion RMB for the years 2025, 2026, and 2027, respectively, with net profits expected to be 2.22 billion RMB, 5.21 billion RMB, and 7.08 billion RMB [9][14]. - The earnings per share (EPS) are forecasted to be 5.32 RMB, 12.45 RMB, and 16.92 RMB for the same years, indicating a strong growth trajectory [9][14].