Performance Summary - In Q3 2025, the company achieved revenue of 182 million, a year-on-year increase of 57.3% [1] - Gross profit reached 120 million, up 74.3% year-on-year, with a gross margin of 65.2%, an increase of 6.4 percentage points compared to the same period last year [1] - Net profit after deducting non-recurring gains and losses was 12 million, a staggering increase of 6,260.6% year-on-year [1] - Cash received from sales and services was 89 million, down 43.1% year-on-year, while net cash flow from operating activities turned negative at -119 million due to increased material procurement [1] Operational Analysis - The significant revenue growth in Q3 is attributed to an increase in capacity growth from leading downstream wafer manufacturers compared to 2024 [2] - The rise in gross margin is expected to be driven by faster growth in high-margin software business compared to testing machines and accessories [2] - The company launched its first wafer-level aging testing system designed specifically for silicon carbide and gallium nitride power devices, expanding its testing equipment offerings [2] - In August 2025, the company acquired 100% of LUCEDA, a leading global silicon photonics chip design automation firm, aiming to transition from traditional EDA to PDA [2] - Future plans include developing a comprehensive solution covering all aspects of silicon photonics chip design, manufacturing, testing, and yield enhancement [2] Profit Forecast, Valuation, and Rating - Based on the operational data for the first three quarters of 2025, the company forecasts revenues of 750 million, 940 million, and 1.12 billion for 2025 to 2027, representing year-on-year growth of 37.7%, 24.3%, and 19.5% respectively [3] - The expected net profit attributable to shareholders is projected to be 130 million, 170 million, and 200 million for the same period, with year-on-year growth rates of 62.6%, 29.3%, and 16.1% respectively [3] - The company maintains a "buy" rating with corresponding price-to-sales ratios of 20.9, 16.8, and 14.1 for the years 2025 to 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 182 million RMB, a year-on-year growth of 57.3%, and a net profit of 12 million RMB, reflecting a staggering growth of 6260.6% compared to the same period last year [2][3]. - The growth in revenue is attributed to increased capacity from leading downstream wafer manufacturers and a faster growth rate in high-margin software business compared to testing machines and accessories [3]. - The company has expanded its product offerings with the launch of a wafer-level aging test system designed for silicon carbide and gallium nitride power devices, enhancing its testing equipment portfolio [3]. - The acquisition of LUCEDA, a leader in silicon photonics chip design automation, is expected to facilitate the company's transition from traditional EDA to PDA, creating a comprehensive solution covering the entire silicon photonics design, manufacturing, testing, and yield enhancement process [3]. Financial Projections - Revenue projections for 2025 to 2027 are estimated at 750 million RMB, 940 million RMB, and 1.12 billion RMB, respectively, with year-on-year growth rates of 37.7%, 24.3%, and 19.5% [4][9]. - The net profit for the same period is projected to be 130 million RMB, 170 million RMB, and 200 million RMB, with corresponding growth rates of 62.6%, 29.3%, and 16.1% [4][9]. - The report indicates a projected P/S ratio of 20.9, 16.8, and 14.1 for the years 2025, 2026, and 2027, respectively [4].