Investment Rating - The report maintains a "Buy" rating for the company with a target price of 80.42 CNY [6][4]. Core Insights - The company's Q3 revenue reached 148 million CNY, representing a year-over-year increase of 10.26% but a quarter-over-quarter decrease of 10.50%. The net profit attributable to the parent company was 84.44 million CNY, with a year-over-year increase of 3.43% and a quarter-over-quarter decrease of 23.21% [1][2]. - The company has seen a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue of 401 million CNY (up 47.73% year-over-year) and net profit of 239 million CNY (up 72.91% year-over-year) [1][2]. - The company is expanding its product applications in various high-end sectors, including industrial, surveying, oil exploration, commercial aerospace, intelligent driving, and high-reliability fields [1][3]. Summary by Sections Q3 Performance Review - In Q3 2025, the company reported revenue of 148 million CNY, a year-over-year increase of 10.26% and a quarter-over-quarter decrease of 10.50%. The gross margin and net margin were 85.3% and 57.1%, respectively, showing a year-over-year decline of 1.6 and 3.8 percentage points [2]. - The company announced two major orders totaling 434 million CNY for delivery this year, but seasonal fluctuations in delivery schedules have led to a slowdown in revenue and profit growth in Q3 [2]. Outlook for 2H25 - The company is expected to launch new products in 2026, with its MEMS products accelerating penetration into new markets. The company is making progress in high-reliability, commercial aerospace, and autonomous driving sectors [3]. - The product matrix has expanded beyond high-precision gyroscopes to include FM resonant accelerometers and pressure sensors, with plans to introduce a cost-effective six-axis IMU chip for the civilian market in 2026 [3]. Profit Forecast and Valuation - The report slightly lowers the revenue forecasts for 2025, 2026, and 2027 by 9%, 8%, and 5% to 650 million CNY, 970 million CNY, and 1.36 billion CNY, respectively. The net profit forecasts for the same years are adjusted downwards by 9%, 8%, and 5% to 370 million CNY, 500 million CNY, and 690 million CNY [4]. - The target price of 80.42 CNY is based on a 2025 PE ratio of 86X, reflecting a 20% premium over comparable companies' valuation of 71.7X PE [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 92.29 CNY [7][5]. Core Insights - The company demonstrated high growth in the first half of 2025, achieving revenue of 253 million CNY (up 84.34% year-on-year) and a net profit of 154 million CNY (up 173.37 year-on-year), with a net profit margin of 60.96% [1][2]. - The company is expanding its customer base and order scale, with significant orders expected to be fulfilled in the second half of 2025 [2][3]. - The product matrix is becoming more comprehensive, with new products expected to be launched, including a cost-effective six-axis IMU chip for the civilian market in 2026 [3][4]. - The company has granted stock incentives to employees, reflecting confidence in future growth, with performance targets set for revenue and net profit growth over the next three years [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 165 million CNY (up 43.83% year-on-year) and a net profit of 110 million CNY (up 89.40% year-on-year) [2]. - The company has adjusted its revenue and net profit forecasts for 2025, 2026, and 2027 upwards by 7%, 11%, and 14% respectively, anticipating revenues of 720 million CNY, 1.05 billion CNY, and 1.43 billion CNY [5][11]. Product Development - The company is focusing on high-performance MEMS inertial devices, which are being adopted across various high-end industrial applications, including commercial aerospace and intelligent driving [1][3]. - The product offerings are expanding to include FM resonant accelerometers and pressure sensors, with batch shipments already underway [3]. Stock Incentives - The company plans to grant 3.2 million restricted shares, representing 0.8% of total equity, to 129 employees, with performance targets set for significant revenue and profit growth over the next three years [4]. Valuation - The target price has been adjusted to 92.29 CNY, reflecting a 20% premium over comparable companies' valuations, based on a projected PE ratio of 90X for 2025 [5][11].