Investment Rating - The report maintains a "Buy" rating for the company with a target price of 149.60 CNY, based on a projected average PE of 80 times for comparable companies in 2025 [3][11]. Core Insights - The company's performance is driven by the iteration of DDR products, leading to significant year-on-year growth in revenue and net profit. The third quarter saw a revenue increase of 57% to 1.424 billion CNY and a net profit increase of 23% to 473 million CNY [10]. - The company is expected to continue benefiting from the ongoing upgrade of DDR products, with the DDR5 interface chips showing promising sales growth. The sales revenue from the third generation of DDR5 RCD chips has surpassed that of the second generation, indicating strong market demand [10]. - New product developments are progressing well, with the introduction of CXL® 3.1 memory expansion controller chips and advancements in clock chips and PCIe switch designs, which are anticipated to open new growth avenues for the company [10]. Financial Summary - The company's projected financials indicate a recovery and growth trajectory, with expected revenues of 5.546 billion CNY in 2025, representing a 52% year-on-year increase. The net profit attributable to the parent company is forecasted to reach 2.141 billion CNY, a 52% increase from the previous year [5][11]. - Key financial metrics show a gross margin improvement to 61.8% by 2025, with net profit margins expected to stabilize around 38.6% [5][11]. - The earnings per share (EPS) are projected to grow from 1.23 CNY in 2024 to 1.87 CNY in 2025, further increasing to 4.00 CNY by 2027 [5][11].