Investment Rating - The investment rating for the company is "Buy" [4][15] Core Views - The company reported a significant increase in non-recurring net profit, with a year-on-year growth of 234.57% in Q3 2025, driven by the rising demand in downstream markets and an increase in the proportion of high-margin products [1] - The company is a leading player in the storage control sector in China, with a year-to-date revenue growth of 11.59% and a net profit growth of 23.05% for the first three quarters of 2025 [1] - The introduction of new high-performance PCIe 4.0/5.0 SSD controller chips is expected to enhance the company's product offerings and market competitiveness [2] - The company has successfully launched the MAV0106 perception chip for AIoT applications, which has passed automotive-grade certification, indicating readiness for mass production [3] - The company is expected to benefit from price increases in the storage industry in Q4 2025, leading to revised revenue and profit forecasts for 2025, 2026, and 2027 [3] Financial Data Summary - For 2025, the projected revenue is adjusted from 13.53 billion to 13.8 billion, with net profit estimates revised from 1.24 billion to 1.38 billion [3] - The company’s revenue for Q3 2025 was 311 million, with a year-on-year increase of 4.36% [1] - The projected revenue growth rates for the years 2025 to 2027 are 17.55%, 22.90%, and 22.67% respectively [9] - The company’s net profit for 2025 is projected to be 138.03 million, reflecting a growth rate of 16.92% [9]