而摩尔线程和沐曦股份均于去年12月份上市，均是年内"最赚钱新股"。上市首日，两者分别收涨 425.25%、692.95%。其中，沐曦股份发行价为104.66元/股，盘中最大涨幅约740%，中一签浮盈最高近 40万元；摩尔线程最高浮盈也超20万元。 与之形成鲜明对比的是，中科蓝讯的主营业绩表现平淡。 数据显示，中科蓝讯在2025年度实现营业收入为18.3亿元到18.5亿元，同比仅增加0.60%到1.70%。扣除 非经常性损益后，中科蓝讯归母净利润仅为2.2亿元到2.4亿元，与2024年同期相比，将减少414.87万元 到2414.87万元，预计同比下降1.70%到9.89%。 1月7日，中科蓝讯披露业绩预增公告称，预计2025年归母净利润为14.00亿元-14.30亿元，与2024年同期 相比增加11-11.3亿元，增幅达366.51%-376.51%。 而去年前三季度，中科蓝讯的净利润仅为8008.28万元。照此推算，四季度单季净利高达11.89亿 元-12.19亿元，环比增长1386%-1423%。 业绩利好直接带动资本市场反应，8日早盘，中科蓝讯一度涨超14%，公司当前市值约为172亿元。 对于业绩大幅增 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a steady growth in Q3 2025, with revenue reaching 1.3 billion yuan, a year-on-year increase of 4.3%. The net profit attributable to the parent company was 210 million yuan, up 2.2% year-on-year, while the net profit excluding non-recurring items was 180 million yuan, reflecting a 3.9% increase year-on-year. The overall gross margin was 22.6%, a decrease of 0.3 percentage points year-on-year [4][6] - In Q3 2025, the company achieved revenue of 490 million yuan, representing a year-on-year growth of 7.2% and a quarter-on-quarter increase of 10.2%. The net profit attributable to the parent company was 80 million yuan, up 11.1% year-on-year but down 7.1% quarter-on-quarter. The net profit excluding non-recurring items was 70 million yuan, a year-on-year increase of 8.6% but a quarter-on-quarter decrease of 4.4%. The gross margin for the quarter was 22.0%, down 2.5 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [4][6] Financial Performance - The company effectively controlled its expenses, with sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2025 at 0.49%, 1.89%, and 8.77%, respectively, showing year-on-year increases of 0.04 percentage points, 0.08 percentage points, and 0.44 percentage points [5] - For Q3 2025, the sales expense ratio was 0.48%, up 0.05 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The management expense ratio was 1.29%, down 0.24 percentage points year-on-year and 0.65 percentage points quarter-on-quarter. The R&D expense ratio was 7.95%, down 0.8 percentage points year-on-year but up 1.33 percentage points quarter-on-quarter [5] Business Development - The company has been deepening its layout in the edge AI field. Since November 2024, the third-generation chip platform BT895X has been integrated with the Volcano Ark MaaS platform, providing users with software and hardware solutions compatible with the Doubao large model. The company is continuously collaborating with Volcano Engine in phases [6] - The company showcased an AI toy solution based on the AB6003G Wi-Fi chip at the 2025 Volcano Engine FORCE conference. The AB6003G is a high-performance SoC that integrates Wi-Fi, Bluetooth, and audio, aimed at enhancing performance and user experience in IoT scenarios [6] - Recently, the company launched the OC3 AI clip-on Bluetooth earphone, which is equipped with the BT8951H chip and supports AI intelligent Q&A, indicating a continued focus on AI edge products [6] Financial Forecast - The company is expected to achieve revenues of 2.16 billion yuan, 2.81 billion yuan, and 3.41 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 360 million yuan, 460 million yuan, and 580 million yuan for the same years. The corresponding EPS is estimated to be 2.99 yuan, 3.77 yuan, and 4.83 yuan, with PE ratios of 44.26x, 35.08x, and 27.40x [7][10]