Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company has experienced rapid growth in performance, with a revenue of 383 million yuan for the first three quarters of 2025, representing a year-on-year increase of 115.09%. The net profit attributable to the parent company reached 106 million yuan, marking a turnaround from losses [2][4]. - In Q3 alone, the company achieved a revenue of 178 million yuan, up 207.31% year-on-year and 47.90% quarter-on-quarter, with a net profit of 60 million yuan, reflecting a quarter-on-quarter increase of 86.67%. This growth is primarily driven by the increasing volume of CW silicon optical source products in the data center market, which has a high gross margin [2][4]. - The company has optimized its product structure, leading to improvements in gross margin, which stood at 61.62% in Q3 2025, an increase of 39.64 percentage points year-on-year and 9.91 percentage points quarter-on-quarter [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 383 million yuan, with a net profit of 106 million yuan, indicating a significant recovery from previous losses [2][4]. - The cash flow from operating activities reached 67 million yuan, a year-on-year increase of 856.64%, attributed to enhanced sales collection efforts [2]. Product and R&D - The company has increased its R&D investment, with R&D expenses amounting to 28.01 million yuan, representing 15.71% of operating revenue [2]. - The production capacity is expected to gradually increase starting from 2026, as the U.S. factory is currently in the infrastructure and equipment pricing phase [2]. Profit Forecast - The company forecasts net profits of 180 million yuan, 380 million yuan, and 520 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 254, 121, and 90 [2].