Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved record high profits in Q3, with a revenue of 4.417 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 22.3%. The net profit attributable to shareholders reached 415 million yuan, up 50.1% year-on-year [1][2]. - The MIM (Metal Injection Molding) business is a key growth driver, showing a revenue increase of 46.4% year-on-year in the first three quarters, and 29.8% year-on-year in Q3 [2][3]. - The company is focusing on diversifying its applications in various sectors, including foldable screens, AI, and robotics, leveraging its MIM technology [2][3]. Financial Performance Summary - For Q3 2025, the company reported a revenue of 1.487 billion yuan, a year-on-year increase of 18.2% and a quarter-on-quarter increase of 1.1%. The net profit for Q3 was 154 million yuan, up 77.3% year-on-year [1][2]. - The gross profit margin for Q3 was 27.72%, with a net profit margin of 13.47%, indicating improved profitability [2][3]. - The company’s three main platforms (P&S, SMC, and MIM) are performing well, with MIM showing particularly strong growth potential [3]. Business Segment Analysis - P&S platform revenue for the first three quarters was 1.86 billion yuan, up 12.8% year-on-year, driven by the automotive electrification trend [3]. - SMC platform revenue was 670 million yuan for the first three quarters, with a modest growth of 1.3% year-on-year, but showing a stronger growth of 10.2% in Q3 [3]. - The MIM platform continues to expand rapidly, with significant contributions from the consumer electronics sector and ongoing development in non-consumer electronics markets [2][3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 595 million yuan, 713 million yuan, and 860 million yuan respectively, with corresponding P/E ratios of 30.83, 25.76, and 21.35 [4][11].