事件： 公司发布2025年三季报，前三季度营收63.2亿元，同比+50.1%，归母净利润7.0亿元，同 比+156.0%，扣非归母净利润6.9亿元，同比+126.2%。25Q3营收25.3亿元，同比+44.6%/环比 +24.3%，归母净利润3.0亿元，同比+145.1%/环比+47.3%，扣非归母净利润2.9亿元，同比 +92.9%/环比+42.4%。我们点评如下： 前三季度业绩延续高增长， 25Q3 单季度利润创历史新高。 25 年前三季度营收 63.2 亿元，同比 +50.1% ，归母净利润 7.0 亿元，同比 +156.0% ，扣非归母净利润 6.9 亿元，同比 +126.2% 。 25Q3 营收 25.3 亿元，同比 +44.6%/ 环比 +24.3% ，归母净利润 3.0 亿元，同比 +145.1%/ 环比 +47.3% ，扣非归母净利润 2.9 亿元，同比 +92.9%/ 环比 +42.4% ，净利率 12.0% ，同比 +4.91pct/ 环比 +1.87pct 。营收高增长主要受益于下半年智能手机旺季，叠加汽 车电子、智慧安防业务全面发力带动；同时盈利能力增强，净利润率显著提升。公司费用率总 ...

Core Viewpoint - The company anticipates significant growth in revenue and net profit for the first half of 2025, driven by the expansion of its smartphone, automotive, and high-end security chip businesses [2][3]. Revenue and Profit Forecast - For 25H1, the company expects revenue between 3.6 to 3.9 billion yuan, representing a year-on-year increase of 47% to 59% - The projected net profit is between 360 to 420 million yuan, indicating a year-on-year growth of 140% to 180% - The non-GAAP net profit, excluding share-based payment expenses, is forecasted to be between 389 to 449 million yuan, reflecting an increase of 88% to 118% year-on-year [2]. Business Segment Performance - **Smartphone Business**: Strong growth due to deepened cooperation with major clients, leading to a significant increase in the shipment of new high-end 50 million pixel products [3]. - **Smart Security**: The introduction of upgraded products with superior performance has led to a notable increase in revenue from high-end security products [3]. - **Automotive Electronics**: There has been a substantial rise in the shipment of new generation products used in intelligent driving applications [3]. Future Outlook - The company is expected to continue expanding its high-end smartphone product offerings and gain new clients, which will sustain high growth rates in smartphone performance - The automotive business is poised for growth due to the trend towards intelligent driving, with high-end automotive components expected to enter mass production in the coming years - The AI sector is anticipated to open new markets in machine vision, further enhancing the smart security business [3].