Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a turnaround in profitability, reporting a net profit of 33.06 million yuan in Q3 2025, marking a new high since its listing [1] - The revenue for the first three quarters of 2025 reached 830 million yuan, a year-on-year increase of 2.98% [1] - The company is positioned as a leading manufacturer of high-end switching chips in China, with its flagship chips entering the market promotion phase [1][2] Financial Performance - In Q3 2025, the company reported revenue of 324 million yuan, a year-on-year growth of 17.55% [1] - The projected revenues for 2025, 2026, and 2027 are 1.26 billion yuan, 1.87 billion yuan, and 2.32 billion yuan respectively, with net profits expected to be 15 million yuan, 44 million yuan, and 156 million yuan [3][4] - The company’s gross margin is expected to improve, reflecting an optimized product structure and enhanced operational efficiency [1] Product Development - The company’s high-end flagship chips, designed for 12.8Tbps and 25.6Tbps, are now in the market promotion and initial application stages, featuring high performance and security [1] - The company is actively participating in the OISA ecosystem, supporting up to 1024 AI chips interconnection, which enhances its competitive position in the AI computing market [2] Market Outlook - The company is expected to enter a stable profit cycle starting in 2026, driven by increasing domestic demand for high-end switching chips as the localization rate of computing clusters rises [3] - The demand for Scale-up dedicated switching chips is anticipated to accelerate, providing new market opportunities for the company [3]

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 2025 年 11 月 05 日 | | 市场数据： | | --- | --- | --- | | 收盘价（元） | 110.25 | | | 一年内最高/最低（元） | 154.88/54.50 | | | | 19.0 | 市净率 | | 股息率%（分红/股价） | - | | | 流通 A 股市值（百万元） | 22,380 | | | 3,969.25/13,223.56 | | 上证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 5.79 | | 资产负债率% | 11.85 | | 总股本/流通 A 股（百万） | 410/203 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 11-05 12-05 01-05 02-05 03-05 04-05 05-05 06-05 07-05 08-05 09- ...