FENGHUA(SZ:000636)2025-11-21 13:16Group 1: Company Performance - The company achieved a revenue of 4.108 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 15.00% [2] - The net profit attributable to shareholders reached 228 million yuan, with a non-recurring net profit of 232 million yuan [2] - The company’s gross margin for the latest quarter increased to 19.96% [2] Group 2: Market Expansion and Product Development - Sales in automotive electronics, smart terminals, and industrial control sectors grew by 22%, 24%, and 18% respectively [3] - The company invested 203 million yuan in R&D in the first three quarters of 2025, marking a year-on-year increase of 22.81% [3] - The company focuses on high-end product development in six key areas: high reliability, high capacity, high temperature, high voltage, high precision, and high frequency [3] Group 3: AI and Emerging Markets - The company is prioritizing AI computing as a core business direction and has established deep partnerships with leading domestic AI server clients [4] - New products developed for AI power systems include a full range of ceramic capacitors and alloy resistors designed for high efficiency and stability [4][5] - The company’s production capacity utilization rate remains high, with ongoing expansion in MLCC, chip resistors, and inductors [5] Group 4: Pricing and Investment Strategy - The company has adjusted prices for certain products in response to rising raw material costs while maintaining a long-term cooperation philosophy [6] - Recent investments include projects for high-end resistor upgrades and the addition of a new production line for high-current multilayer inductors [6] - The company has completed automotive electronic product certifications and expanded its product offerings to include critical systems in electric vehicles [6]