Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 586 million yuan for the first three quarters of 2025, representing a year-on-year growth of 8.99%. However, the net profit attributable to the parent company was 72 million yuan, a decline of 4.46% year-on-year. In Q3 2025, revenue was 211 million yuan, down 7.10% year-on-year, primarily due to the slow shipping speed from the Thailand factory and a suspension of shipments to a major customer. The net profit for Q3 2025 was 23 million yuan, a significant drop of 37.86% year-on-year [5][6] Financial Performance - The gross margin for the first three quarters of 2025 was 29.77%, down 0.83 percentage points year-on-year. The net margin was 12.30%, down 1.77 percentage points year-on-year. In Q3 2025, the gross margin was 31.13%, down 3.27 percentage points year-on-year but up 1.04 percentage points quarter-on-quarter. The net margin for Q3 was 10.77%, down 5.43 percentage points year-on-year and down 4.58 percentage points quarter-on-quarter [7][8] Revenue and Profit Forecast - The company is expected to achieve revenues of 797 million yuan, 968 million yuan, and 1.127 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.97%, 21.46%, and 16.37%. The net profit attributable to the parent company is projected to be 118 million yuan, 145 million yuan, and 171 million yuan for the same years, with growth rates of 10.60%, 23.44%, and 17.93% respectively. The corresponding EPS for these years is expected to be 1.79 yuan, 2.21 yuan, and 2.60 yuan [8][10] Operational Insights - The Thailand factory's production capacity is expected to gradually improve, with a designed capacity of 300,000 to 500,000 units per year. As of Q3 2025, the factory had shipped 9,827 units, with a monthly capacity utilization rate of less than 10%. It is anticipated that there will be significant improvements in 2026 as the workforce and equipment become more integrated [6][7] Strategic Developments - The company has signed an investment cooperation agreement with Qingdao Haibang Optical Technology Co., Ltd. to establish a new company in Qingdao, focusing on developing automotive electronic products. This move is part of the company's strategy to enhance its capabilities in optical sensing technology [7][8]