Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q3 2025, with a revenue of 63.01 billion yuan, representing a year-over-year increase of 33.25% and a quarter-over-quarter increase of 11.11%. The net profit for Q3 was 9.66 billion yuan, showing a year-over-year increase of 92.87% and a quarter-over-quarter increase of 11.20% [5] - The gross margin improved to 31.39%, up 6.00 percentage points year-over-year and 3.80 percentage points quarter-over-quarter, driven by enhancements in PCB product structure and increased utilization rates in substrate production [5] - The net profit margin reached 15.35%, reflecting a year-over-year increase of 4.76 percentage points and a stable quarter-over-quarter change [5] - The company is optimistic about future profit growth, raising profit expectations for 2025, 2026, and 2027, with projected net profits of 34.80 billion yuan, 47.04 billion yuan, and 58.28 billion yuan respectively [5] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 167.54 billion yuan, a year-over-year increase of 28.39%, and a net profit of 23.26 billion yuan, a year-over-year increase of 56.30% [5] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 5.22 yuan, 7.06 yuan, and 8.74 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 43.6, 32.3, and 26.1 [5][8] - The company is actively expanding high-end production capacity, with new projects including the Nantong Phase IV and a factory in Thailand, which is currently in trial production [7] Business Structure and Market Demand - The PCB business is undergoing continuous structural adjustments, with significant demand growth driven by AI server and related product investments. The company has seen substantial order growth for AI accelerator cards, high-speed switches, and optical modules [6] - The substrate business has benefited from a rapidly growing storage market, with full customer orders and improved profit margins due to the successful introduction and mass production of new high-end DRAM products [6]