Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Insights - The company achieved a revenue of 753 million yuan in the first three quarters of 2025, representing a year-on-year increase of 11.38%, and a net profit attributable to the parent company of 46 million yuan, up 24.97% year-on-year. The gross margin was 31.66%, a decrease of 1 percentage point year-on-year [1]. - In Q3 alone, the net profit attributable to the parent company saw a significant increase of over 100% year-on-year, primarily driven by a 26.63% growth in revenue from the power business and the receipt of tax refunds for certain software products [1][2]. - The company is actively promoting its "AI + Industry" development strategy, with new AI algorithms for power transmission applications already in use [2]. Financial Summary - The company is projected to achieve net profits of 81 million yuan, 125 million yuan, and 184 million yuan for the years 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [3]. - Revenue forecasts for the company are 1.314 billion yuan in 2025, 1.730 billion yuan in 2026, and 2.121 billion yuan in 2027, with growth rates of 35.35%, 31.66%, and 22.63% respectively [4]. - The gross margin is expected to improve to 39.5% by 2027, reflecting the company's focus on enhancing operational efficiency [4].