Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a record high in quarterly performance for Q3 2025, with revenue reaching 15.42 billion yuan, a year-on-year increase of 36.70%, and a net profit of 3.56 billion yuan, up 37.33% year-on-year [1][2]. - The company has established a new pattern focusing on infrared business while gradually breaking into multi-dimensional sensing fields such as microwave and laser, supporting sustainable rapid growth [3][4]. - The company’s revenue and net profit for the first three quarters of 2025 were 40.86 billion yuan and 7.07 billion yuan, respectively, representing year-on-year growth of 29.72% and 46.21% [1][4]. Financial Performance Summary - For the first three quarters of 2025, the gross profit margin increased by 0.85 percentage points to 51.97%, while the net profit margin rose by 2.90 percentage points to 15.15% [1][2]. - The operating cash flow significantly improved, reaching 7.67 billion yuan compared to 1.82 billion yuan in the same period last year, primarily due to increased cash receipts from sales [2]. - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of 49.66% from 2018 to 2024, with net profit CAGR at 28.71% [3][4]. Future Earnings Forecast - The company is expected to achieve net profits of 8.08 billion yuan, 10.00 billion yuan, and 12.35 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 46x, 37x, and 30x, respectively [4][5].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter and the first three quarters of 2025, driven by increased sales in infrared thermal imaging and optoelectronic businesses, as well as improved product sales structure [1] Financial Performance - Q3 revenue reached 1.542 billion, a year-on-year increase of 36.70% [1] - Q3 net profit was 356 million, reflecting a year-on-year growth of 37.33% [1] - Revenue for the first three quarters totaled 4.086 billion, up 29.72% year-on-year [1] - Net profit for the first three quarters amounted to 707 million, marking a year-on-year increase of 46.21% [1] Business Drivers - The growth in performance is primarily attributed to the increase in sales revenue from infrared thermal imaging and optoelectronic businesses [1] - Optimization of product sales structure has contributed to the rise in gross profit [1]