核心观点 公司第三季度收入利润实现环比增长，业绩拐点初步显现，公司已逐步形成"CT 通信+ IT 计算+高端 PCBA 制造+汽车电子制造"等多维度业务体系，扩展了"服务器类产品、光通信传输设备之接入网设备 产品、DPU 模块卡、高端设备控制板"等产品布局，随着核心交换机产品毛利率的恢复以及新扩展品类 的放量，我们预计公司业绩后续将实现增长。同时，公司发布股权激励计划，对业绩的考核目标乐观， 彰显了公司长期发展的信心。 事件 2025年第三季度，公司实现营业收入5.13亿元，同比增长18.31%，环比增长18.78%；归母净利润0.25 亿 元，同比下降11.54%，环比增长122.22%；扣非归母净利润0.21 亿元，同比下降20.51%，环比增长 198.63%。公司第三季度收入利润实现环比增长，业绩拐点初步显现。公司已逐步形成"CT 通信+ IT 计 算+高端PCBA制造+汽车电子制造"等多维度业务体系，扩展了"服务器类产品、光通信传输设备之接入 网设备产品、DPU 模块卡、高端设备控制板"等产品布局，随着核心交换机产品毛利率的恢复以及新扩 展品类的放量，我们看好公司业绩后续增长。 2、发布股权激励计划 ...

Financial Performance - In the first half of 2025, the company's operating revenue was approximately 亿元, a year-on-year decrease of about 12.39% [3] - The net profit attributable to shareholders was approximately 21.88 million yuan, down about 71.32% year-on-year [3] - In Q2 2025, the company achieved an operating revenue of approximately 亿元, with a quarter-on-quarter growth of about 4.32% [3] - The net profit for Q2 2025 was 11.17 million yuan, reflecting a quarter-on-quarter growth of about 4.19% [3] R&D Investment - R&D investment in the first half of 2025 was approximately 71.88 million yuan, accounting for about 9.96% of the company's operating revenue [10] - R&D efforts focused on various product categories, including data center switches, automotive electronic products, and wireless communication devices [10] Market and Customer Structure - The top five customers accounted for approximately 96.77% of the company's operating revenue in the first half of 2025, with Xinhua San being the largest customer [5] - The company achieved overseas sales revenue of approximately 15.18 million yuan, primarily from projects with clients in Japan and South Korea [11] Product Development and Progress - The company has expanded its product offerings to include domestic solutions for switches, servers, and IoT gateways, among others [7] - Sales of data center switches increased by approximately 67% year-on-year in the first half of 2025 [6] - The Zhejiang Haining subsidiary achieved operating revenue of approximately 171 million yuan and a net profit of about 2.86 million yuan in the first half of 2025 [12] Future Outlook - The company aims to enhance its operational efficiency and product quality while focusing on strategic layout and new business development [15] - The digital economy is expected to grow, driven by advancements in cloud computing, big data, and artificial intelligence, presenting opportunities for the company [15]