Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on three emerging business areas: FPC (Flexible Printed Circuit), low-altitude economy, and humanoid robots, which are expected to drive future growth [3][8] - The company reported a revenue of 1.89 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.76%, with a net profit attributable to shareholders of 64 million yuan, up 58.26% year-on-year [8] - The gross margin for the first three quarters of 2025 was 16.85%, an increase of 2.34 percentage points year-on-year, while the net profit margin was 3.36%, up 1.01 percentage points year-on-year [8] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 630 million yuan, with a year-on-year increase of 8.09% [8] - The net profit for Q3 2025 was 11 million yuan, showing a significant year-on-year increase of 425.8% [8] - The company’s FPC business is expected to see a turnaround in gross margin, improving from -98.17% to -17.18% in the first half of 2025 [8] - The company has secured projects in the low-altitude economy sector, with mass production expected to begin in 2026 [8] - The company is actively expanding its robotics segment, having established a wholly-owned subsidiary for robotics and invested in sensor technology [8] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 90 million, 188 million, and 320 million yuan respectively [8] - The current market capitalization corresponds to a P/E ratio of 87, 41, and 24 times for 2025-2027 [8] - The company’s strategic positioning in FPC, low-altitude economy, and humanoid robots is expected to lay a solid foundation for future growth [8]