Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company is projected to achieve steady growth in annual performance, with a 24.69% year-on-year increase in revenue for the first three quarters, reaching 2,209.15 billion yuan. The net profit attributable to shareholders increased by 26.92% to 115.18 billion yuan [3][4]. - The company has successfully completed acquisitions related to Leoni and Wentei ODM/OEM assets, which are expected to enhance operational efficiency through vertical integration and resource sharing [4]. - The company is focusing on three main business segments: consumer electronics, communication and data centers, and automotive, leveraging an "internal and external" strategy for collaborative development [4]. - The gross margin for the first three quarters was 12.15%, an increase of 0.43 percentage points year-on-year, while the net margin improved by 0.24 percentage points to 5.76% [4]. Financial Projections - The company forecasts a net profit attributable to shareholders of 168.52 billion yuan for the year, representing a 26.08% increase year-on-year, and a net profit of 143.26 billion yuan after deductions, reflecting a 22.51% growth [4]. - Earnings per share (EPS) are projected to be 2.32 yuan and 2.89 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 27 and 22 times [4][5]. Business Development - In the consumer electronics sector, the company anticipates significant revenue growth from major clients, particularly with iPhone sales expected to see double-digit year-on-year growth in the next quarter [4]. - The communication segment has made significant strides in securing business partnerships with domestic and international cloud service providers and equipment manufacturers, enhancing market share [4]. - The automotive division is expanding into key components for smart cockpits, intelligent driving assistance, and power systems, supported by deep collaborations with well-known manufacturers [4].