Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [9]. Core Insights - The company reported a steady performance in Q3 2025, with a revenue of 326 million yuan, representing a year-on-year growth of 11.58%, and a net profit attributable to shareholders of 102 million yuan, up 30.68% year-on-year [5][9]. - The company is actively expanding its product offerings, particularly in the brain-machine interface sector, with several innovative applications under development [6][9]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of approximately 66.65%, 65.62%, and 68.27% for Q1, Q2, and Q3 respectively, showing an upward trend [5]. - The company’s operating expenses have decreased, with the sales expense ratio at 18.77%, down 7.99 percentage points year-on-year, and the management expense ratio at 10.03%, down 1.50 percentage points year-on-year [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 473 million yuan, 561 million yuan, and 668 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.2%, 18.6%, and 19.1% [9][11]. - The net profit attributable to shareholders is expected to reach 134 million yuan, 160 million yuan, and 192 million yuan for the same years, with growth rates of 31.8%, 19.3%, and 20.0% respectively [9][11].