Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved explosive growth in its AIDC business, with a significant increase in sales revenue in the data center sector, driven by advancements in SST technology [5] - For the first three quarters of 2025, the company reported a revenue of 5.194 billion yuan, a year-on-year increase of 8.25%, and a net profit attributable to the parent company of 486 million yuan, up 20.27% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 8.690 billion yuan, 10.949 billion yuan, and 13.840 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Performance - In Q3 2025, the company achieved a revenue of 2.040 billion yuan, a year-on-year increase of 8.38%, and a net profit of 221 million yuan, up 21.71% year-on-year [4] - The gross profit margin for the first three quarters of 2025 was 26.08%, an increase of 1.87 percentage points year-on-year, while Q3 2025 gross profit margin was 26.39%, up 0.86 percentage points year-on-year [4] - The company’s sales revenue in the AIDC and IDC sectors reached 974 million yuan, a remarkable year-on-year growth of 337.47% [5] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 736 million yuan, 971 million yuan, and 1.118 billion yuan respectively, with corresponding P/E ratios of 57.6, 43.6, and 37.9 [6] - The company is also expected to maintain a healthy return on equity (ROE), projected at 14.0% in 2025 and 15.6% in 2026 [8]