Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% [7][12]. Core Insights - The company is experiencing a favorable supply-demand dynamic in the DRAM industry, leading to a significant increase in revenue and net profit. In Q3 2025, revenue grew by 31% year-over-year, while net profit surged by 61% [7][10]. - The company is positioned as a leader in the storage market, having achieved large-scale production of 45nm NOR Flash and successfully introduced DDR4 niche products to clients. It is also the largest supplier of 32-bit MCUs in China [7][10]. - The report anticipates continued price increases in storage products driven by AI computing demand and supply constraints, projecting further revenue growth for the company [10]. Financial Summary - For the fiscal year ending December 31, 2025, the company is expected to achieve a net profit of RMB 1,876 million, representing a year-over-year growth of 70% [9]. - The earnings per share (EPS) for 2025 is projected at RMB 2.81, with a corresponding price-to-earnings (P/E) ratio of 84.3 [9][10]. - The company’s revenue is forecasted to reach RMB 9,769 million in 2025, with a gross margin of 38.6% for the first three quarters of 2025 [10][14].