Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Insights - The company reported a revenue of 1.385 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.19%, and a net profit attributable to shareholders of 335 million yuan, up 0.70% year-on-year [6][7] - The company is facing short-term performance pressure due to intensified competition in the domestic power semiconductor industry, with a supply-demand imbalance persisting [7] - The company is optimizing its product structure and expanding its influence in the mid-to-high-end market, successfully launching its third-generation SGT products and entering mass supply of its seventh-generation IGBT products [7] Financial Performance and Forecast - The company is expected to achieve revenues of 1.901 billion yuan, 2.473 billion yuan, and 3.101 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 437.63 million yuan, 612.34 million yuan, and 751.92 million yuan [8][10] - The projected revenue growth rates are 3.95% for 2025, 30.13% for 2026, and 25.39% for 2027 [10][12] - The company’s earnings per share (EPS) is forecasted to be 1.05 yuan for 2025, increasing to 1.47 yuan in 2026 and 1.81 yuan in 2027 [10][12]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 929.70 million RMB, a year-on-year increase of 6.44% compared to 873.49 million RMB in the same period last year [1] - The total profit for the same period was 267.55 million RMB, reflecting an 8.92% increase from 245.63 million RMB year-on-year [1] - The net profit attributable to shareholders was 235.12 million RMB, up 8.03% from 217.65 million RMB in the previous year [1] - The net profit after deducting non-recurring gains and losses was 207.25 million RMB, showing a decrease of 3.22% compared to 214.14 million RMB last year [1] - The net cash flow from operating activities was 159.87 million RMB, a significant increase of 72.20% from 92.84 million RMB in the previous year [1] Product Development and Market Demand - The company successfully launched its full range of third-generation SGT products in 2025, with strong demand in automotive electronics, energy storage, drones, electric tools, and AI computing servers [2] - The SGT-MOSFET products generated sales revenue of 419 million RMB in the first half of 2025, accounting for 45.21% of the main business revenue [2] - The seventh-generation IGBT products have entered mass supply, gaining customer recognition in sectors such as photovoltaic storage, industrial frequency conversion, and servo drives, with sales revenue of 132 million RMB, representing 14.26% of main business revenue [4] - The company anticipates steady growth in IGBT product sales in the second half of the year, driven by a recovery in the photovoltaic storage market and successful validation of the seventh-generation IGBT products by more customers [4] Quarterly Performance - In the second quarter of 2025, the company reported operating revenue of 481 million RMB, a quarter-on-quarter increase of 7.04% [1] - The net profit attributable to shareholders for the second quarter was 127 million RMB, reflecting a quarter-on-quarter growth of 17.16% [1]