事件： 公司发布2025年三季报，前三季度营收63.2亿元，同比+50.1%，归母净利润7.0亿元，同 比+156.0%，扣非归母净利润6.9亿元，同比+126.2%。25Q3营收25.3亿元，同比+44.6%/环比 +24.3%，归母净利润3.0亿元，同比+145.1%/环比+47.3%，扣非归母净利润2.9亿元，同比 +92.9%/环比+42.4%。我们点评如下： 前三季度业绩延续高增长， 25Q3 单季度利润创历史新高。 25 年前三季度营收 63.2 亿元，同比 +50.1% ，归母净利润 7.0 亿元，同比 +156.0% ，扣非归母净利润 6.9 亿元，同比 +126.2% 。 25Q3 营收 25.3 亿元，同比 +44.6%/ 环比 +24.3% ，归母净利润 3.0 亿元，同比 +145.1%/ 环比 +47.3% ，扣非归母净利润 2.9 亿元，同比 +92.9%/ 环比 +42.4% ，净利率 12.0% ，同比 +4.91pct/ 环比 +1.87pct 。营收高增长主要受益于下半年智能手机旺季，叠加汽 车电子、智慧安防业务全面发力带动；同时盈利能力增强，净利润率显著提升。公司费用率总 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company is expected to achieve a revenue of 3.6 to 3.9 billion yuan in H1 2025, representing a year-on-year growth of 47% to 59%, and a net profit of 360 to 420 million yuan, reflecting a year-on-year increase of 140% to 180% [1][5] - The strong growth in revenue and net profit is attributed to the expansion in smartphone, automotive electronics, and high-end security chip businesses [5] - The company is well-positioned to continue expanding its customer base in high-end smartphone products and automotive applications, with significant growth potential in the next two years [5] Financial Performance - The company forecasts total revenue for 2025 to be 8.849 billion yuan, with a year-on-year growth of 48% [6] - The projected net profit for 2025 is 1.002 billion yuan, indicating a year-on-year increase of 155% [6] - The earnings per share (EPS) is expected to be 2.49 yuan for 2025, with a price-to-earnings (PE) ratio of 38.9 [6][9] Business Segments - In the smartphone sector, the company has deepened collaborations with major clients, leading to a significant increase in the shipment of new high-end products [5] - The automotive electronics segment has seen a substantial rise in the shipment of next-generation products for smart driving applications [5] - The high-end security product series has gained market share in the professional security field, contributing to revenue growth [5] Future Outlook - The company is expected to continue benefiting from the strong competitiveness of its high-end smartphone products and the growing demand for automotive ADAS chips [5] - The report suggests that the company will likely maintain high growth rates in its smartphone business and gradually ramp up production of high-end automotive components [5] - The integration of AI technology is anticipated to open new market opportunities in machine vision and smart security [5]