点击招商研究小程序查看PDF报告原文 事件： 投资建议： 25Q3收入同比高增长，利润同比稳健增长，利润稳健增长，公司研发进度显著加快，90:1 CCP设备即将进入市场，薄膜沉积设备快速放量。 我们预计25-27年营收预期为 亿元，归母净利润为 亿 元，对应PE为 倍， 投资评级。 1、 2025前三季度刻蚀和沉积设备收入快速增长，公司显著加大研发投入力度 。 2025前三季度公司实现收入80.63亿元，同比+46.4%，其中刻蚀设备收入61.01亿元，同比+38.26%， LPCVD和ALD等薄膜设备收入4.03亿元，同比+1332.69%；归母净利润12.11亿元，同比+32.66%；扣非 净利润8.87亿元，同比+9.05%；公司显著加大研发投入力度，2025前三季度研发支出25.23亿元，同比 +63.44%，研发支出占收入比例达31.29%。 2、 25Q3单季收入同比高增长，利润环比改善明显 。 25Q3公司收入31亿元，同比+50.6%/环比+11.3%；毛利率37.9%，同比-5.8pcts/环比-0.6pct；归母净利润 5.05亿元，同比+27.5%/环比+28.6%；扣非净利润3.48亿 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Insights - The company reported a robust revenue growth of 50.6% year-on-year in Q3 2025, with total revenue reaching 3.1 billion yuan and a net profit of 505 million yuan, reflecting a year-on-year increase of 27.5% [1][7]. - The company is accelerating its R&D efforts, with significant advancements in the development of the 90:1 CCP etching equipment, which is set to enter the market soon, alongside rapid production increases in thin film deposition equipment [1][7]. - The company’s revenue for the first three quarters of 2025 reached 8.063 billion yuan, a year-on-year increase of 46.4%, with net profit growing by 32.66% to 1.211 billion yuan [7]. Financial Data and Valuation - The company’s projected total revenue for 2025 is 11.929 billion yuan, with a year-on-year growth rate of 32% [2][10]. - The projected net profit for 2025 is 2.054 billion yuan, corresponding to a PE ratio of 90.5 [2][10]. - R&D expenditure for the first three quarters of 2025 was 2.523 billion yuan, accounting for 31.29% of total revenue, marking a year-on-year increase of 63.44% [7]. Stock Performance - The current stock price is 296.66 yuan, with a total market capitalization of 18.58 billion yuan [3].