Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Insights - In the first three quarters of 2025, the company reported a revenue of 4.672 billion yuan, a year-on-year decrease of 32.67%. The net profit attributable to shareholders was 390 million yuan, down 67.68% year-on-year. For Q3 2025, revenue was 1.292 billion yuan, a decline of 48.65% year-on-year and 29.96% quarter-on-quarter. The net profit for Q3 was 82 million yuan, down 81.54% year-on-year and 50.46% quarter-on-quarter [2][4]. Revenue and Profit Analysis - Q3 revenue decline was primarily due to slower acceptance rates, although shipments remained normal. The report anticipates an increase in the proportion of revenue from string welding machines and modifications, while the share from single crystal furnaces and screen printing is expected to decrease. The gross margin for Q3 was 36.6%, an increase of 4.6% year-on-year and 8.3% quarter-on-quarter, attributed to a lower proportion of low-margin products [12][12]. - The expense ratio for Q3 was 25.0%, an increase of 11.1 percentage points quarter-on-quarter, influenced by revenue decline and increased R&D and management expenses. Asset impairment losses and credit impairment losses for Q3 were -73 million yuan and -45 million yuan, respectively, impacting profit release [12][12]. Future Outlook - As of the end of Q3, the company had an order backlog of 9.940 billion yuan (including tax), with semiconductor orders reaching a new high and continuing to grow. In the photovoltaic sector, new capacity demand has decreased due to industry cycles, while demand for technological upgrades has increased. The company has developed compatible multi-slice edge passivation equipment, which is currently undergoing small-batch trial production at client sites [12][12]. - In the lithium battery sector, the company has laid out equipment for sulfide electrolytes, stacking equipment, and assembly equipment, signing a strategic cooperation agreement with Yili Technology, and has secured orders exceeding 10 million yuan. The company has also developed several products for negative electrode material equipment, successfully obtaining an order for silicon oxide sintering furnace equipment from a lithium battery materials company in Vietnam [12][12]. - In the semiconductor sector, packaging equipment has received orders from clients such as Optoelectronics, Global Broadcasting, and others. The prototypes for flip chip bonding machines and die attach machines have shown good results in client validation, and the company is continuously optimizing based on client needs [12][12].