Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.21 RMB per share [6][5]. Core Insights - The company reported a revenue of 6.08 billion RMB for the first nine months of 2025, representing a year-on-year increase of 26%, and a net profit attributable to shareholders of 820 million RMB, up 25% year-on-year. The growth is attributed to the mass production of 224G high-speed communication cables and the rapid increase in demand for new energy charging guns [1][2]. - The company is expected to benefit from the ongoing construction of super nodes both domestically and internationally, with the potential for accelerated performance release post-2026 as production capacity increases [1][5]. Revenue and Profitability - In Q3 2025, the company achieved a revenue of 2.14 billion RMB, a 24% increase year-on-year but a 2% decrease quarter-on-quarter. The net profit for the same quarter was 264 million RMB, reflecting a 12% year-on-year increase but a 14% decrease quarter-on-quarter due to transitional phases in server shipments from NVIDIA [1][3]. - The gross margin for the first nine months of 2025 was 32.08%, slightly down by 0.77 percentage points year-on-year. The gross margin for Q3 2025 was 31.38%, down 0.90 percentage points year-on-year, influenced by a slowdown in demand in the electronic business [3]. Product and Market Development - The company has expanded its product range in high-speed communication cables, covering the full series from 1.6T to 224G, and is advancing research on the next generation of 448G cables. In the first half of 2025, revenue from high-speed communication cables reached 466 million RMB, a staggering 397.80% increase year-on-year [2]. - NVIDIA's positive guidance for GPU shipments in 2026 is expected to further boost demand for high-speed copper interconnects, with projected market space for the company reaching approximately 3.2 billion RMB in 2025 and 6.7 billion RMB in 2026 [4]. Financial Forecast and Valuation - The company is projected to see revenue and profit growth driven by the increasing demand for AI short-distance interconnects. The net profit forecasts for 2025, 2026, and 2027 are 1.22 billion RMB, 2.18 billion RMB, and 2.61 billion RMB, respectively [5][10]. - The report suggests a PE ratio of 25x for 2026, leading to a target price of 43.21 RMB per share, reflecting a shift to a 2026 valuation framework [5][10].

Core Insights - The company, Xin Ya Electronics, has announced that its PCIe 7.0 series products have entered small batch trial production [1] - The company is currently in discussions with target customers regarding its 224G high-speed copper cables [1] Company Summary - Xin Ya Electronics (605277) is progressing with the trial production of its PCIe 7.0 series products, indicating advancements in its product development [1] - The engagement with target customers for the 224G high-speed copper cables suggests a focus on expanding its market reach and meeting customer demands [1]

Core Viewpoint - The company has successfully initiated small-scale trial production of its PCIe 7.0 series products and is currently engaging with target customers regarding its 224G high-speed copper cables [1] Group 1 - The PCIe 7.0 series products have entered the small batch trial production phase [1] - The company is in discussions with target customers for its 224G high-speed copper cables [1]

格隆汇8月20日丨维峰电子(301328.SZ)于投资者互动平台表示，公司有参编广东省连接器协会224G高速 铜缆系列团体标准。 ...