Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 20.7 yuan [1][7]. Core Insights - The company's Q3 performance met expectations, with revenue of 1.41 billion yuan for the first three quarters, a year-on-year increase of 27%, and a net profit attributable to shareholders of 221 million yuan, up 83% year-on-year [1]. - The transition towards robotics is ongoing, with significant developments in the company's product offerings and market positioning [1][7]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 476 million yuan, a quarter-on-quarter increase of 22% and a year-on-year increase of 2% [7]. - The net profit for Q3 2025 was 75 million yuan, reflecting a quarter-on-quarter increase of 59% and a net profit margin of 15.8% [7]. - The gross margin was reported at 26.6%, with slight fluctuations influenced by demand from major clients [7]. Future Projections - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 1.648 billion, 2.069 billion, 2.553 billion, and 3.065 billion yuan respectively, with year-on-year growth rates of 21.8%, 25.6%, 23.4%, and 20.0% [3][8]. - The net profit attributable to shareholders is expected to grow from 185 million yuan in 2024A to 469 million yuan in 2027E, with growth rates of 79.0%, 66.9%, 23.5%, and 22.7% [3][8]. Strategic Developments - The company is focusing on accelerating its robotics transformation, having completed initial product deliveries and ongoing testing phases for new products [7]. - The company has made strategic investments in Longban Technology, enhancing its capabilities in robotics and related technologies [7].

Core Insights - Fuda Co., Ltd. experienced a 2.28% decline in stock price on October 22, with a trading volume of 252 million yuan [1] - The company reported a financing buy-in of 21.67 million yuan and a net financing buy of 4.12 million yuan on the same day [1][2] - As of October 22, the total financing and securities lending balance for Fuda Co. was 240 million yuan, accounting for 2.30% of its market capitalization [2] Financial Performance - For the period from January to September 2025, Fuda Co. achieved a revenue of 1.413 billion yuan, representing a year-on-year growth of 27.32% [2] - The net profit attributable to shareholders for the same period was 221 million yuan, showing an increase of 83.27% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Fuda Co. was 37,300, a decrease of 12.90% from the previous period [2] - The average circulating shares per person increased by 14.81% to 17,141 shares [2] - The company has distributed a total of 1.2 billion yuan in dividends since its A-share listing, with 242 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, increasing its holdings by 5.43 million shares to 7.5715 million shares [3] - New institutional shareholders include Yongying Advanced Manufacturing Mixed Fund and Dongfang Alpha Preferred Mixed Fund, holding 4.6806 million shares and 2.6851 million shares respectively [3]

Core Viewpoint - The company, Guilin Fuda Co., Ltd., emphasizes the authenticity and completeness of its quarterly report, ensuring no false records or significant omissions exist [2][3]. Financial Data Summary - The financial statements for the third quarter are not audited [3]. - The report period refers to the three months from the beginning to the end of the quarter [3]. - The company has not identified any non-recurring gains or losses that are significant [4]. Shareholder Information - The total number of common shareholders and the status of preferred shareholders with restored voting rights are not applicable [5]. - There are no changes in the top ten shareholders or the top ten unrestricted circulating shareholders due to securities lending activities [5][6]. Other Important Information - There are no additional reminders for investors regarding the company's operational status during the reporting period [6]. - The financial statements, including the consolidated balance sheet and profit and cash flow statements, are prepared without audit [6][7].

Group 1: Earnings Reports - Tonghuashun reported a 39.67% increase in revenue to 3.261 billion yuan for the first three quarters of 2025, with a net profit increase of 85.29% to 1.206 billion yuan [2] - Weihua New Materials experienced a 15.18% decline in revenue to approximately 660 million yuan for the first three quarters, but a significant net profit increase of 250.04% in Q3 to approximately 25.38 million yuan [1] - Yanjing Co. achieved a 22.99% revenue growth to 1.295 billion yuan for the first three quarters, with a net profit increase of 27.95% to approximately 42.5 million yuan [1] - XH Technology reported a 26.47% revenue increase to approximately 742 million yuan for the first three quarters, with a net profit increase of 186.19% to approximately 95.47 million yuan [5] - Dongtian Micro reported a 53.91% revenue increase to approximately 637 million yuan for the first three quarters, with a net profit increase of 99.2% to approximately 80.03 million yuan [6] Group 2: Corporate Actions - China Unicom plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance innovation and competitiveness in the vehicle networking industry [3] - Kailer Co. is planning to acquire at least 50% of Kesheng Electromechanical, aiming to enter the high-end coating equipment sector [11] - Huitong Technology is preparing for an H-share listing in Hong Kong, with management authorized to initiate the process [11] Group 3: Other Notable Developments - Hengyi Petrochemical's subsidiary has successfully entered the trial production phase of a new project aimed at increasing its nylon production capacity [12] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract for a highway project, with a total transaction amount expected to be under 100 million yuan [14] - Sanwang Communication's board received a proposal for a share buyback plan, with a total amount not less than 20 million yuan [14]

Summary of Fuda Co., Ltd. Conference Call Company Overview - **Company**: Fuda Co., Ltd. - **Date**: October 22, 2025 Key Points Financial Performance - **Q3 Revenue**: Achieved 476 million yuan, a year-on-year increase of 21.9% [3] - **Net Profit**: 75.26 million yuan, nearly 60% year-on-year growth [3] - **Excluding Non-recurring Items**: Net profit close to 72 million yuan, up 58.14% year-on-year [3] - **Q2 Investment Income**: 12 million yuan, not present in Q3, affecting sequential data [2][3] Response to Client Order Decline - **Market Share Increase**: Adjusted product structure to increase market share among other clients, e.g., market share in Seris increased from 30% to 70%, and in Chery from 20% to over 40% [4] - **Gross Margin Impact**: Slight decline in gross margin due to capacity ramp-up and reduced client orders, but overall net profit margin remained stable [2][5] Future Outlook - **Q4 Expectations**: Anticipates recovery in revenue and profit, with gross margin expected to improve back to H1 levels [2][7] - **Client Penetration Plans**: Current market share among major clients is close to 65%, with plans to gradually increase this and expand new client base [6] Business Segment Performance - **New Energy Electric Drive Gear Business**: Experienced a loss of approximately 23 million yuan in H1, but revenue normalized in Q3 due to client structure adjustments [8] - **Long Board Products**: Achieved production capacity since July, with significant improvements in product consistency and precision, currently operating nearly 70 units [9] Strategic Developments - **Reverse Planetary Roller Screw**: Completed audits and batch quotations for major clients, awaiting order confirmations [10] - **Production Capacity**: Currently has a capacity of 30,000 sets, with plans for cautious expansion based on demand [11] - **Collaboration with Domestic Automakers**: Engaging in technical exchanges with domestic main engine manufacturers for robotics applications [12] Investment and Financing - **Future Investments**: Plans for external investments to enhance capabilities, particularly in robotics, while maintaining a cautious approach to avoid blind investments [15][16] - **Convertible Bond Issuance**: Applied for issuance in July, indicating confidence from the controlling shareholder [19] Risk Management - **2026 Performance Outlook**: Despite challenges in 2025, expects to adjust client and capacity structures, with confidence in achieving growth in 2026 [18] Technology and Product Development - **Micro Screw Products**: Developing a 3.5 mm differential screw and working on a 1 mm screw for linear joints, currently in R&D phase [13] - **Cycloidal Gear Technology**: Longboard Technology is leading the development of national standards for cycloidal reducers, with a strong patent reserve [17] Additional Insights - **Market Trends**: Changes in design philosophies among overseas manufacturers may provide Fuda with competitive advantages in certain product lines [10]

Core Insights - The company reported a revenue of 476,462,022.05 yuan for the third quarter of 2025, representing a year-on-year growth of 21.90% [2] - The net profit attributable to shareholders of the listed company was 75,268,796.97 yuan, showing a significant year-on-year increase of 59.16% [2] Financial Performance - Revenue for Q3 2025: 476.46 million yuan, up 21.90% year-on-year [2] - Net profit for Q3 2025: 75.27 million yuan, up 59.16% year-on-year [2]

Group 1 - Sanwang Communication plans to repurchase shares worth 20-40 million yuan for employee stock incentive plans [1] - Ankrui reported a net profit of 192 million yuan for the first three quarters, a year-on-year increase of 21.31% [1] - Taishan Petroleum's net profit for the first three quarters reached 113 million yuan, up 112.32% year-on-year [1] - Zhejiang Xiantong achieved a net profit of 152 million yuan for the first three quarters, a 17.4% increase year-on-year [1] Group 2 - Xuanji Information reported a net loss of 173 million yuan for the first three quarters [1] - Mailande's net profit slightly decreased by 0.07% to 96 million yuan for the first three quarters [1] - Tengjing Technology's subsidiary received a sales order worth 87.61 million yuan [1] Group 3 - Hotgen Biotech's affiliate achieved positive results in Phase Ib clinical trials for the innovative drug SGC001 [1] - Zhongyan Dadi won a bid for a sports project in Beijing worth 74.04 million yuan [1] - Henghui Security's net profit decreased by 12.85% to 81.98 million yuan for the first three quarters [1] Group 4 - Xiongdi Technology's net profit increased by 71.16% to 18.38 million yuan for the first three quarters [1] - Meilixin reported a net loss of 215 million yuan for the first three quarters [1] - Haichen Pharmaceutical's net profit grew by 16.22% to 32.68 million yuan for the first three quarters [1] Group 5 - Qiaoyuan Co. reported a net profit of 181 million yuan for the first three quarters, a 40.54% increase year-on-year [1] - Fuda Co. achieved a net profit of 221 million yuan for the first three quarters, up 83.27% year-on-year [1] - Xianggang Technology's net profit surged by 186.19% to 95.47 million yuan for the first three quarters [1] Group 6 - ST Nanchuan received a restriction order from the court due to a financial dispute [1] - Changyou Technology announced the dismissal of two vice presidents [1] - Haoyuan Automotive received a project confirmation for an automatic parking system worth 576 million yuan [1] Group 7 - Jiuzhou Biotech obtained a medical device registration certificate for a diagnostic kit [1] - Shihua Machinery signed an investment intention letter for a subsidiary's capital increase [1] - Zhuhai Mian Group plans to transfer 100% equity of Gree Real Estate [1] Group 8 - Dalian Heavy Industry reported a net profit of 490 million yuan for the first three quarters, a 23.97% increase year-on-year [1] - Haimeng Data reported a net loss of 75.43 million yuan for the first three quarters [1] - Feilong Co. achieved a net profit of 287 million yuan for the first three quarters, a 7.54% increase year-on-year [1] Group 9 - Kaipu Testing reported a net profit of 57.84 million yuan for the first three quarters, a 3.34% increase year-on-year [1] - Ganyue Express signed a strategic cooperation agreement with a major energy company [1] - Tuoshan Heavy Industry's controlling shareholder plans to reduce its stake by 2.82% [1] Group 10 - Yiatong's shareholder plans to reduce its stake by 1% [1] - Weishi Electronics reported a net profit of 24.29 million yuan for the first three quarters, a 22.59% decrease year-on-year [1] - Shensi Electronics won a bid for a data space construction project worth 161 million yuan [1] Group 11 - Xiechuang Data plans to purchase server assets worth up to 4 billion yuan [1] - Shandong Express's controlling shareholder plans to transfer 7% of its shares [1] - ST Huapeng's subsidiary received a government subsidy of 4.65 million yuan [1] Group 12 - Jieqiang Equipment's shareholder plans to reduce its stake by 1% [1] - China Jushi reported a net profit of 2.568 billion yuan for the first three quarters, a 67.51% increase year-on-year [1] - ST Fanli reported a net loss of 44.78 million yuan for the first three quarters [1] Group 13 - Xiyu Tourism reported a net profit of 98.58 million yuan for the first three quarters, a 14.51% decrease year-on-year [1] - Abison reported a net profit of 185 million yuan for the first three quarters, a 57.33% increase year-on-year [1] - Huayan Precision reported a net profit of 70.76 million yuan for the first three quarters, a 31.07% increase year-on-year [1] Group 14 - Jiangling Motors reported a net profit of 74.9 million yuan for the first three quarters, a 35.76% decrease year-on-year [1]

格隆汇10月22日丨福达股份(603166.SH)公布2025年第三季度报告，营业收入为4.76亿元，同比上升 21.90%；归属于上市公司股东的净利润为7526.88万元,同比上升59.16%；归属于上市公司股东的扣除非 经常性损益的净利润为7194.35万元，同比上升58.14%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

（记者 张明双） 截至发稿，福达股份市值为105亿元。 每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 每经AI快讯，福达股份（SH 603166，收盘价：16.3元）10月22日晚间发布三季度业绩公告称，2025年 前三季度营收约14.13亿元，同比增加27.32%；归属于上市公司股东的净利润约2.21亿元，同比增加 83.27%；基本每股收益0.34元，同比增加80.37%。 ...

Core Viewpoint - Fuda Co., Ltd. reported significant growth in its Q3 2025 financial results, indicating strong operational performance and profitability [1] Financial Performance - The company's operating revenue reached 476 million yuan, representing a year-on-year increase of 21.90% [1] - The net profit attributable to shareholders was 75.27 million yuan, showing a year-on-year growth of 59.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 71.94 million yuan, reflecting a year-on-year increase of 58.14% [1]