Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a rapid growth in Q3 2025, with a revenue of 999.8 million yuan, a year-on-year increase of 35.11%, and a net profit attributable to shareholders of 115 million yuan, up 106.61% year-on-year [1] - The company has shown significant improvement in profitability, with a Q3 revenue of 402 million yuan, a year-on-year increase of 26.53% and a quarter-on-quarter increase of 21.22%. The net profit for Q3 was 63 million yuan, reflecting a year-on-year growth of 149.09% and a quarter-on-quarter growth of 54.64% [2] - The company is actively developing new products and has established a strong brand and customer resource advantage, with notable clients including Cisco, Ciena, and Nokia [3] - The company is enhancing its competitive edge through continuous acquisitions, including the acquisition of Jabil Technology and plans to acquire Suzhou Anjie Xun, which will complement its product offerings and customer base [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 151 million yuan, 252 million yuan, and 301 million yuan respectively, maintaining the "Accumulate" rating due to rapid growth in optical communication devices and strategic acquisitions [5] Financial Summary - For 2023, the company expects a revenue of 709.9 million yuan, with a growth rate of 10.50%. By 2025, the revenue is projected to reach 1.44 billion yuan, with a growth rate of 44.48% [6] - The net profit attributable to shareholders is forecasted to be 150.62 million yuan in 2025, reflecting a growth rate of 124.86% [6] - The company's earnings per share (EPS) is expected to be 0.60 yuan in 2025, with a price-to-earnings (P/E) ratio of 179.49 [6]