Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a slowdown in revenue growth in Q3 2025, but this short-term disruption is not expected to alter the upward trend in the long term [1][4]. - The company has launched a series of edge computing co-processor chips to meet diverse storage and computing needs, enhancing its product offerings [2]. - Continuous improvement in the AIoT SoC main chip platform is underway, with new products being developed to cater to various market demands [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.14 billion yuan, a year-on-year increase of 45.5%, and a net profit of 780 million yuan, up 121.7% year-on-year [1]. - In Q3 2025, the company reported revenue of 1.1 billion yuan, a year-on-year increase of 20.3% but a quarter-on-quarter decrease of 5.6%. The net profit for the same quarter was 250 million yuan, reflecting a year-on-year increase of 47.1% but a quarter-on-quarter decrease of 22.8% [1]. - The gross margin for Q3 2025 was 40.8%, up 3.5 percentage points year-on-year but down 2.5 percentage points quarter-on-quarter [1]. Revenue and Profit Forecast - The company is expected to achieve revenues of 4.31 billion yuan, 5.59 billion yuan, and 6.97 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 37.5%, 29.7%, and 24.6% [4]. - The forecast for net profit is 1.1 billion yuan, 1.44 billion yuan, and 1.85 billion yuan for the same years, with year-on-year growth rates of 85.0%, 30.6%, and 28.9% [4].