Core Viewpoint - Longsheng Technology (300680.SZ) has successfully achieved bulk supply of its new energy vehicle iron core semi-assembly products to clients including Seres and Bosch [1] Group 1 - Longsheng Technology is actively engaging in the new energy vehicle sector by supplying key components [1] - The company has established partnerships with notable clients such as Seres and Bosch, indicating strong market demand and credibility [1]

Core Viewpoint - Longsheng Technology (300680.SZ) has announced the second generation of its self-developed "Lansen" robot, which integrates advanced technologies to address key challenges in heavy-duty grasping, defect detection, and flexible handling [1] Group 1: Product Development - The "Lansen II" robot has evolved from executing fixed action commands to utilizing a large model for intelligent judgment and optimized execution [1] - The robot's operational precision and collaborative capabilities have significantly improved, allowing for precise positioning and grasping of randomly located objects [1] Group 2: Technological Integration - The core technology matrix of the robot includes a "dexterous hand," a manufacturing scene large model, and electronic skin [1] - The development focuses on quality inspection of motor core rotors driven by Longsheng New Energy, indicating a deep integration with existing business operations [1]

Core Viewpoint - Longsheng Technology (300680) is actively developing its humanoid robot business, focusing on the core product, harmonic reducers, with various stages of research and mass supply for different clients [1] Group 1 - The company is advancing its production capacity layout and expects to achieve an initial capacity of approximately 70,000 harmonic reducers by the first quarter of 2026 [1]

Core Viewpoint - Longsheng Technology's subsidiary, Weihan Intelligent, has achieved mass production of harmonic reducers, with ongoing technological upgrades expected to support business expansion and customer demand response [1] Group 1 - The harmonic reducers produced by Weihan Intelligent have entered mass production [1] - The technology of the harmonic reducers is continuously being iterated and upgraded [1] - By the first quarter of 2026, the company anticipates a production capacity of approximately 70,000 harmonic reducers [1]

Core Viewpoint - Longsheng Technology (300680.SZ) is actively engaged in the low-altitude economy, focusing on the manufacturing of drone components for large foreign trade and military applications, showcasing strong market competitiveness through its complete production process and technical experience [1] Group 1 - The company’s subsidiary, Zhongjia Precision Machinery, has successfully completed the production and delivery of multiple drone component models [1] - Longsheng Technology has accumulated comprehensive production process technology experience in the low-altitude economy sector [1] - The company has established a strong market competitiveness in the manufacturing of drone components [1]

Core Viewpoint - Longsheng Technology's stock price has shown significant volatility, with a year-to-date increase of 124.79% but a recent decline in the last 20 days by 10.68% [1][2] Financial Performance - For the period from January to September 2025, Longsheng Technology reported revenue of 1.81 billion yuan, reflecting a year-on-year growth of 10.13% [2] - The net profit attributable to shareholders for the same period was 210 million yuan, marking a year-on-year increase of 36.89% [2] Stock Market Activity - As of October 27, Longsheng Technology's stock was trading at 53.42 yuan per share, with a market capitalization of 12.165 billion yuan [1] - The stock experienced a net outflow of 25.09 million yuan in principal funds, with large orders showing a buy of 46.01 million yuan and a sell of 67.64 million yuan [1] Shareholder Information - As of September 30, the number of shareholders decreased by 5.96% to 21,200, while the average number of circulating shares per person increased by 4.37% to 8,291 shares [2][3] - Notable changes in institutional holdings include a decrease in shares held by Penghua Carbon Neutral Theme Mixed A and new entries from several funds such as Huazhang Media Internet Mixed A [3] Dividend Distribution - Longsheng Technology has distributed a total of 177 million yuan in dividends since its A-share listing, with 114 million yuan distributed over the past three years [3] Business Overview - Longsheng Technology, established on June 16, 2004, and listed on July 25, 2017, operates in the engine exhaust gas recirculation (EGR) systems, new energy, and precision components sectors [1] - The company's revenue composition includes 62.71% from other segments and 37.29% from EGR products and injection systems [1]

Group 1: Gold Market Analysis - The report indicates that after a significant rise in gold prices over the past two months, a recent sharp decline has occurred, leading to high volatility. It suggests that gold may enter a high-level wide fluctuation range, and its attractiveness as a global asset is decreasing [14][8] - The quantitative model predicts that the price of gold will stabilize around $4,814 per ounce by 2026, with a suggested bottom range of $3,800 to $3,900 per ounce for 2025 [14][8] - The report emphasizes that for trading funds, it is advisable to wait for volatility to decrease before re-entering the gold market, as high volatility currently diminishes the trading attractiveness of gold [14][8] Group 2: Shipping Decarbonization - The shipping industry is facing increasing pressure to reduce carbon emissions, with significant policies from the EU and IMO being implemented. The EU plans to include shipping in its carbon market starting in 2024, with penalties for non-compliance [15][8] - The report highlights a severe supply shortage of low-carbon fuels, with demand for biodiesel, LNG, and green methanol projected to exceed supply significantly by 2025 [16][8] - The demand for biodiesel is expected to rise sharply, particularly in traditional fuel-dependent vessels, with Singapore's port showing a significant increase in biodiesel refueling [17][8] Group 3: Baofeng Energy Performance - Baofeng Energy reported a revenue of 35.545 billion yuan for the first three quarters of 2025, a year-on-year increase of 46.43%, with a net profit of 8.950 billion yuan, reflecting a 97.27% increase [18][8] - The company’s Q3 performance slightly exceeded expectations, with a revenue of 12.725 billion yuan, up 72.49% year-on-year, and a net profit of 3.232 billion yuan, up 162.34% year-on-year [19][8] - The report maintains a "buy" rating for Baofeng Energy, projecting net profits of 13.5 billion, 15.1 billion, and 16 billion yuan for 2025-2027, with corresponding PE ratios of 9, 8, and 7 times [22][8]

Group 1: Gold Market Analysis - The report indicates that after a significant rise in gold prices over the past two months, there has been a recent sharp decline, leading to high volatility in the market. It suggests that gold may no longer be a high-cost performance global asset [13] - The report highlights that the historical patterns of gold price increases often begin when volatility returns to pre-breakout levels. It identifies the price range of $3,800 to $3,900 per ounce as a potential bottom area for gold prices [13] - The long-term outlook remains positive for gold, with a projected price center of $4,814 per ounce by 2026, driven by factors such as rising global fiscal deficits and continued central bank purchases of gold [13] Group 2: Shipping Decarbonization - The report discusses the increasing frequency of decarbonization policies in the shipping industry, particularly from the IMO and the EU, indicating that the industry is entering a phase of implementation [14] - It notes that the global shipping fuel consumption is approximately 300 million tons, resulting in over 1 billion tons of carbon emissions, with the EU accounting for about 18% of this total [14] - The report emphasizes the significant demand for low-carbon fuels, such as biodiesel and green methanol, driven by compliance costs and regulatory frameworks, with a projected increase in demand for these fuels [15][16] Group 3: Baofeng Energy Performance - Baofeng Energy reported a revenue of 35.545 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.43%, with a net profit of 8.950 billion yuan, up 97.27% year-on-year [21] - The company’s Q3 performance slightly exceeded expectations, with a revenue of 12.725 billion yuan, a year-on-year increase of 72.49%, and a net profit of 3.232 billion yuan, reflecting a strong operational performance [21][18] - The report maintains a "buy" rating for Baofeng Energy, projecting net profits of 13.5 billion yuan, 15.1 billion yuan, and 16 billion yuan for 2025-2027, with corresponding PE ratios of 9, 8, and 7 times [21]

Investment Rating - The report maintains a "Buy" rating for Longsheng Technology (300680) [2] Core Views - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 36.9%, driven by non-recurring investment income [7][9] - The revenue growth is expected to be supported by advancements in semi-integrated components and robotics [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.81 billion yuan, a year-on-year increase of 10.1% [7] - The net profit attributable to the parent company for Q3 2025 was 1.06 billion yuan, showing a quarter-on-quarter increase of 109.8% [9] - The gross margin for Q3 2025 was reported at 15.2%, reflecting a slight decline compared to previous periods [9] - The company has slightly adjusted its profit forecasts for 2025-2027, now expecting net profits of 2.94 billion yuan, 3.32 billion yuan, and 3.94 billion yuan respectively [9] Business Development Insights - The company is diversifying into robotics, focusing on core components and complete machine development, with new products expected in the future [9] - Investment in a new production base for lightweight components in Chongqing is underway, aimed at enhancing collaboration with major automotive manufacturers [9] - The EGR business remains stable, with strong support from new model launches by major clients like BYD and Geely [9]

Core Viewpoint - Longsheng Technology achieved a net profit attributable to shareholders of 210 million yuan in the first three quarters of 2025, representing a year-on-year increase of 36.89% [1] - The company reported a net profit of 106 million yuan in Q3 2025, showing a significant year-on-year growth of 109.83% [1] Financial Performance - Q3 revenue experienced a slight year-on-year increase due to fluctuations in sales from key customers and product upgrades [1] - Fair value changes contributed to the substantial growth in Q3 performance, with operating cash flow turning from negative to positive [1] Future Outlook - For Q4 2025, core customers are expected to see increased sales volume, with Tesla Model Y orders scheduled until December and the first week of pre-orders for the new AITO M7 exceeding 60,000 units [1] - The shipment volume of new energy motor semi-assemblies is anticipated to increase, leading to improved year-on-year revenue growth in Q4 2025 [1] Strategic Positioning - The company is well-positioned in the humanoid robot sector, with a clear strategic layout [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are expected to be 327 million, 414 million, and 482 million yuan respectively, with current stock prices corresponding to PE ratios of 37.4, 29.5, and 25.3 times [1]