According to the Pacific Securities Research Report, Yiyuan Communications's Q3 performance increased significantly, and in-vehicle and end-side AI contributed new growth. Net profit from mother for the first three quarters of 2026 was 1,212 billion yuan, an increase of 65.21% over the previous year. The main communication module business is steady, and the product matrix is continuously enriched to consolidate competitive advantages; the product structure is continuously optimized, and businesses such as automotive and end-side AI are opening a second growth curve. In September of this year, the company released the QSC600XA-AP intelligent computing power board. Using an M.2 package, it solved the pain points of difficult AI computing power expansion and high integration complexity of traditional embedded devices with 24TOPS end side computing power and mature model adaptability. The company is the world's leading supplier of IoT overall solutions. The main business is developing steadily, and businesses such as automotive and end-side AI have opened up new growth space. It is estimated that in 2026-2028, the company's net profit to mother will be 13.03/18.76/2,415 billion yuan, respectively, and the corresponding EPS will be 3.21/4.62/5.94 yuan, respectively. The PE corresponding to the current stock price is 25.58/17.76/13.80 times, respectively. Give it a “buy” rating.

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