Investment Rating - The investment rating for the company is "Buy-A" with a target price of 252 yuan [4]. Core Views - The company has demonstrated strong business momentum with significant revenue and profit growth, achieving a revenue of 1.096 billion yuan in Q3 2025, a year-on-year increase of 20.26%, and a net profit of 248 million yuan, up 47.06% [1]. - The AIoT industry is entering a new growth cycle, with the global AIoT market expected to grow at a CAGR of 24.6% from 2024 to 2032, driven by advancements in lightweight models and edge deployment capabilities [2]. - The company has established a comprehensive technology ecosystem covering core chip design to system-level applications, enhancing its competitiveness in the emerging smart terminal market [2][3]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 3.141 billion yuan, a year-on-year increase of 45.46%, and a net profit of 780 million yuan, up 121.65% [1]. - The gross margin for the first three quarters was 41.77%, reflecting an increase of 5.28 percentage points year-on-year, while R&D expenses as a percentage of revenue decreased by 4.46 percentage points to 14.34% [2]. - The company is projected to achieve revenues of 4.364 billion yuan, 5.659 billion yuan, and 7.045 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 1.072 billion yuan, 1.509 billion yuan, and 1.979 billion yuan [9][10]. Market Position and Strategy - The company has launched the RK182X edge co-processor and the new generation AI vision processor RV1126B, enabling smooth operation of large models on the edge [3]. - The flagship SoC platforms RK3588 and RK3576 continue to lead in volume growth, driving rapid expansion in high-demand sectors such as automotive electronics and industrial control [3]. - The company aims to become a core provider of edge intelligence computing power in the AIoT 2.0 era, leveraging its dual-platform strategy of AI computing power and application ecosystem [3].