Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 311.80 [6]. Core Views - The company is expected to experience rapid growth driven by an upward cycle in the storage market, with significant contributions from enterprise-level storage products and overseas business expansion [1][4]. - The company's revenue for Q3 2025 reached RMB 6.539 billion, representing a year-over-year increase of 54.60% and a quarter-over-quarter increase of 10.09%. The net profit attributable to the parent company was RMB 698 million, showing a year-over-year increase of 1994.42% and a quarter-over-quarter increase of 318.94% [1][2]. - The report highlights strong growth in the company's Lexar brand and Zilia's overseas business, as well as improvements in gross margin due to rising storage prices and optimized product structure [2][3]. Summary by Sections Q3 2025 Performance - The company achieved a record high revenue of RMB 6.539 billion in Q3 2025, with a gross margin of 18.92%, up 4.10 percentage points quarter-over-quarter [1][2]. - The growth was attributed to successful expansion in enterprise-level storage products and strong performance in overseas markets [1][2]. Q4 2025 Outlook - The report anticipates further increases in storage prices, with predictions of a 10% rise in eSSD and 5%-10% in Mobile NAND prices [3]. - The company is expected to benefit from increased capital expenditures by domestic internet companies and a growing recognition of its enterprise-level storage products [3]. Profit Forecast and Valuation - Revenue forecasts for 2025-2027 have been revised upward to RMB 24.194 billion, RMB 30.031 billion, and RMB 34.573 billion, respectively [4][11]. - The net profit forecasts for the same period are RMB 1.511 billion, RMB 2.930 billion, and RMB 2.721 billion, reflecting significant increases compared to previous estimates [4][11].