Xin Lang Cai Jing·2025-10-28 00:40Core Insights - The company reported a revenue of 385 million for the first three quarters of 2025, representing a year-on-year increase of 8.70%, and a net profit attributable to shareholders of 101 million, up 2.23% year-on-year [1] - In Q3 2025, the company achieved a revenue of 102 million, a significant year-on-year increase of 30.75%, with a net profit of 25 million, reflecting a 0.50% increase year-on-year [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was 67.46%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 26.10%, a decrease of 1.71 percentage points year-on-year [2] - In Q3 2025, the gross profit margin dropped to 63.96%, down 4.51 percentage points year-on-year, and the net profit margin fell to 24.26%, a decline of 6.96 percentage points year-on-year [2] - The overall expense ratio remained stable, with a slight decrease of 0.13 percentage points year-on-year for the first three quarters of 2025 [2] Product Development and Market Position - The company is advancing the localization of mechanical products and developing a high-end scientific instrument platform, including new products like customized measurement and control analysis systems [3] - The company is actively expanding its sensor product line, which includes various types of sensors suitable for harsh environments, enhancing its competitive edge [3] - Strategic partnerships are being formed, such as with Nantong Zhenkang for collaborative innovation in testing control platforms, and discussions with Nidec for technical cooperation in precision transmission products [3] Investment Outlook - The company maintains a "buy" rating, with projected net profits of 159 million and 206 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 39x and 30x [4]