Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company has a solid foundation in structural components, and the introduction of modularized new products is expected to drive a second growth curve [2][3]. - Revenue for the first three quarters of 2025 reached 794 million yuan, a year-on-year increase of 28.86%, while net profit attributable to shareholders was 245 million yuan, up 8.29% year-on-year [1][2]. - The semiconductor structural component revenue surged over 66% year-on-year to 279 million yuan in the first half of 2025, driven by high capital expenditure from downstream wafer fabs and urgent demand for supply chain autonomy [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 365 million yuan, with corresponding PE ratios of 78, 53, and 37 for the years 2025, 2026, and 2027 respectively [3][4]. - The company expects revenue growth rates of 78.45% in 2024, followed by 29.09% in 2025, and 31.03% in 2026 [4][10]. - The net profit growth rate is forecasted to be 279.88% in 2024, 17.35% in 2025, and 46.11% in 2026 [4][10]. Market Position and Strategy - The company is transitioning from a single component supplier to a core functional module solution provider, with high-margin new products expected to drive valuation upwards [3][5]. - The successful integration of the ceramic heater into major equipment manufacturers' supply chains marks a significant milestone, with plans for accelerated production following the issuance of convertible bonds [3][5]. Stock Performance - As of December 16, 2025, the company's stock closed at 65.10 yuan, with a 12-month price range of 47.72 to 66.89 yuan [5]. - The company has shown absolute returns of 23% over the past month and 24% over the past three months [7].