Raytron(SH:688002) Zheng Quan Ri Bao Wang·2025-10-28 09:45Core Insights - Yantai Ruichuang Micro-Nano Technology Co., Ltd. reported strong performance in the first three quarters of 2025, with significant growth in both revenue and net profit, achieving a historical high in Q3 since 2018 [1][2] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 4.086 billion yuan, a year-on-year increase of 29.72% [1] - The net profit attributable to shareholders reached 707 million yuan, up 46.21% year-on-year, while the net profit after deducting non-recurring gains and losses was 667 million yuan, reflecting a 50.31% increase [1] - In Q3 alone, the company recorded revenue of 1.542 billion yuan, a 36.7% year-on-year growth, and a net profit of 356 million yuan, which is a 37.33% increase [1] Profitability and Cost Management - The gross margin for the first three quarters was 51.97%, an increase of 0.85 percentage points year-on-year, while the net margin was 15.15%, up 2.90 percentage points [1] - Although the gross margin in Q3 slightly decreased by 0.06 percentage points to 54.05%, the net margin improved by 2.48 percentage points to 21.38%, indicating effective cost control and operational efficiency [1][2] - The expense ratio for the first three quarters decreased by 1.63 percentage points to 31.09%, with reductions in management, sales, and financial expense ratios [2] Research and Development - The company increased its R&D investment, with an R&D expense ratio of 19.88% and R&D spending growing by 41.19% to 812 million yuan, laying a foundation for long-term technological breakthroughs and product iterations [2] Cash Flow and Operational Quality - The net cash flow from operating activities for the first three quarters was 767 million yuan, a significant increase of 76.31% year-on-year, primarily due to enhanced sales collection capabilities [2] Strategic Expansion - The company is actively expanding from a single infrared business into multi-dimensional sensing fields such as microwave and laser, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [2] - The implementation of the third phase of the equity incentive plan in July 2025 aims to further bind core talents and support long-term development [2] - With the rapid development of strategic emerging industries like smart driving and low-altitude economy, the company is expected to strengthen its industry position and continue to release growth momentum [2]