Core Insights - The report from Zheshang Securities indicates that Lianchuang Optoelectronics experienced a year-on-year revenue growth of 3% and a net profit attributable to shareholders growth of 19% in the first three quarters of 2025 [1] - In Q3, the net profit attributable to shareholders was 140 million yuan, reflecting a year-on-year increase of 28% but a quarter-on-quarter decrease of 7% [1] - The company is focusing on its "laser + superconducting" business, which is expected to open up long-term growth opportunities [1] Financial Performance - Total operating revenue and net profit attributable to shareholders for the first three quarters of 2025 grew by 3% and 19% respectively [1] - The net profit for Q3 was 140 million yuan, showing a year-on-year increase of 28% and a quarter-on-quarter decrease of 7% [1] Industry Outlook - Lianchuang Optoelectronics is expected to benefit from the domestic controlled nuclear fusion project tenders, as magnets represent the most valuable single item in nuclear fusion equipment, accounting for approximately 28% of the construction cost of engineering verification piles [1] - Numerous domestic controlled nuclear fusion projects are under construction in 2025, with a peak construction period anticipated in the coming years [1] Growth Projections - The company is projected to achieve net profits attributable to shareholders of 500 million, 620 million, and 780 million yuan for the years 2025, 2026, and 2027 respectively [1] - The compound annual growth rate (CAGR) from 2024 to 2027 is expected to be 47% [1] - Corresponding price-to-earnings ratios (PE) are forecasted to be 54, 44, and 35 times for the years 2025, 2026, and 2027 respectively [1]