Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 2.255 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 36.64%, with a net profit attributable to shareholders of -347 million yuan. The single-quarter revenue reached a record high of 1.281 billion yuan, showing a year-on-year increase of 78.38% and a quarter-on-quarter increase of 119.26% [7] - The rapid growth in performance is driven by the chip design and mass production businesses, with chip design revenue reaching 428 million yuan, a quarter-on-quarter increase of 290.82% and a year-on-year increase of 80.23% [7] - The company signed new orders worth 1.593 billion yuan in the third quarter of 2025, a significant year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [7] - The company expects to achieve revenues of 3.535 billion, 4.802 billion, and 6.393 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 22.8, 16.8, and 12.6 times [7] Financial Performance Summary - Revenue for 2023 is projected at 2.338 billion yuan, with a revenue growth rate of -12.7%. The net profit attributable to shareholders is expected to be -296 million yuan, with a net profit growth rate of -501.6% [6] - For 2024, revenue is expected to be 2.322 billion yuan, with a slight decline in growth rate to -0.7%. The net profit is projected at -601 million yuan, reflecting a continued decline [6] - The company anticipates a significant recovery in 2025, with revenue expected to rise to 3.535 billion yuan, a growth rate of 52.3%, and a net profit of -192 million yuan, indicating a turnaround in profitability [6] - By 2026, revenue is projected to reach 4.802 billion yuan, with a growth rate of 35.8%, and a net profit of 48 million yuan, marking a positive shift towards profitability [6]