兆易创新 - 第三季度展望：2026 年定价前景是关键焦点；买入

Jin Guo +86(21)2401-8943 | jin.guo@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Exhibit 1: 3Q25E estimates snapshot | Rmb mn | 3Q25E | YoY | QoQ | | --- | --- | --- | --- | | Revenue | 2,568 | 26% | 15% | | Gross profit | 1,087 | 28% | 31% | | Gross margin | 42.3% | 0.5ppts | 5.3ppts | | Operating income | 481 | 29% | 74% | | Net profit | 520 | 65% | 52% | 14 October 2025 | 8:38AM CST Equity Research Gigadevice ...