Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's Q3 performance exceeded expectations, with revenue of 2.87 billion yuan, a year-on-year increase of 15.9%, and a net profit attributable to shareholders of 160 million yuan, up 56.6% year-on-year. The Q3 revenue was 930 million yuan, reflecting an 8.9% year-on-year growth, while the net profit for the quarter surged by 128.3% [1][4] - The internal line continues to be a core growth engine, benefiting from the explosion in AI computing demand, particularly with the adoption of high-speed copper cable connections in new server cabinets. The company is a key supplier of internal lines for Amphenol, a global leader in connectors, and is positioned to benefit from this AI wave [2] - The "Lotus Core" technology, developed in collaboration with Amphenol, is expected to open up external line market opportunities. This technology reduces loss by altering the physical structure of cables, allowing for the production of high-performance high-speed copper cables without relying on imported materials [3] Financial Summary - For the years 2025 to 2027, the company is projected to achieve revenues of 4 billion, 4.7 billion, and 5.7 billion yuan, representing year-on-year growth rates of 14%, 18%, and 21% respectively. The net profit attributable to shareholders is expected to be 181 million, 229 million, and 338 million yuan, with corresponding year-on-year growth rates of 18%, 26%, and 48%. The projected P/E ratios are 43, 34, and 23 times [4][10]