Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has shown significant growth in Q3 2025, with revenue reaching 757 million yuan, a year-on-year increase of 30.6%, and a net profit attributable to shareholders of 85 million yuan, up 24.8% year-on-year [7] - High-end PCB electroplating equipment demand is driving performance, with Q3 revenue increasing by 67.2% year-on-year and net profit soaring by 236.9% year-on-year [7] - The company is positioned to benefit from the rising demand for HDI electroplating equipment, with new product developments enhancing its technological capabilities [7] Financial Performance Summary - For 2023, total revenue is projected at 909.23 million yuan, with a year-on-year decline of 10.13%. By 2025, revenue is expected to rise to 964.38 million yuan, reflecting a growth of 28.59% [1] - The net profit attributable to shareholders is forecasted to be 151.43 million yuan in 2023, decreasing by 29.01%, but is expected to rebound to 147.05 million yuan in 2025, marking a growth of 112.28% [1] - The company's earnings per share (EPS) is projected to be 0.51 yuan in 2023, dropping to 0.23 yuan in 2024, and recovering to 0.49 yuan in 2025 [1] Operational Highlights - The gross margin for the first three quarters of 2025 was 34.0%, with a slight year-on-year decrease of 4.80 percentage points. However, Q3 gross margin improved to 36.1%, showing a quarter-on-quarter increase of 1.1 percentage points [7] - The company has seen a significant increase in operating cash flow, with Q3 2025 cash flow from operating activities reaching 48 million yuan, a year-on-year increase of 574.3% [7] - The company has successfully developed new products in both PCB and renewable energy electroplating equipment, enhancing its market position [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to benefit significantly from the growing demand for high-end PCB plating equipment, with a projected revenue increase in the coming years [1] - Despite short-term profit pressures, the company has a solid foundation for long-term growth in PCB equipment upgrades and new energy equipment [1] Financial Performance Summary - For 2023, total revenue is projected at 909.23 million yuan, with a year-on-year decrease of 10.13% - The net profit attributable to the parent company is expected to be 151.43 million yuan, down 29.01% year-on-year - The earnings per share (EPS) for 2023 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 84.81 [1][8] Revenue and Profit Forecast - The company anticipates total revenue of 964.38 million yuan in 2025, representing a year-on-year growth of 28.59% - The net profit attributable to the parent company is expected to reach 147.05 million yuan in 2025, a significant increase of 112.28% year-on-year [1][8] Cash Flow and Inventory Management - As of the end of H1 2025, the company reported a contract liability of 537 million yuan, up 177.4% year-on-year, and inventory of 863 million yuan, up 95.0% year-on-year - The operating cash flow for H1 2025 turned positive at 30 million yuan, driven by increased customer payments due to order growth [1][8] Product Development and Market Position - The company has made significant advancements in PCB plating and new energy plating equipment, including the launch of a horizontal TGV plating line for semiconductor packaging [1] - The company is currently the only global player capable of mass-producing new energy lithium plating film equipment [1] Market Outlook - The demand for HDI plating equipment is expected to rise due to increasing computational power needs and advancements in packaging technology [1] - The company has positioned itself well in the HDI sector with high-value horizontal plating equipment and MVCP technology [1]