Investment Rating - The report maintains a "Hold" rating for the company [2] Core Views - The company achieved record high performance in Q3 2025, with revenue reaching 1.372 billion yuan, a year-on-year increase of 74.72%, and a net profit of 116 million yuan, up 46.06% year-on-year [1] - The company's revenue for Q3 2025 was 532 million yuan, reflecting a year-on-year growth of 74.86% and a quarter-on-quarter increase of 1.76%, with a net profit of 61 million yuan, up 91.54% year-on-year and 42.08% quarter-on-quarter [1] - The company is benefiting from increased demand for detection driven by the rise in smart system module installations, and its automotive business continues to grow [2] - The company is expected to achieve a revenue of 1.950 billion yuan in 2025, representing a year-on-year increase of 73.10% [2] - The company's profitability is improving, with gross and net profit margins recovering since Q1 2025 due to an increase in mass production orders [2] Financial Data and Valuation - Revenue projections for 2025 and 2026 are 1.950 billion yuan and 2.552 billion yuan, respectively, with corresponding net profits of 196 million yuan and 297 million yuan [3] - The company’s earnings per share (EPS) are projected to be 1.89 yuan for 2025 and 2.87 yuan for 2026, with price-to-earnings (P/E) ratios of 51 and 34, respectively [3] - The company’s gross profit margin is expected to be 26.17% and net profit margin 10.39% for the first three quarters of 2025 [1]