常熟汽饰(603035)：3Q25受益于新能源客户放量 布局传感器业务

Core Insights - The company reported a strong revenue growth of 38.67% year-on-year in Q3 2025, reaching 1.891 billion yuan, driven by new factory production and the expansion of its new energy business [1][2] - The net profit attributable to shareholders for Q3 2025 was 132 million yuan, reflecting a slight increase of 2.07% year-on-year, indicating stable profitability despite challenges [1][2] Revenue and Profitability - Q3 2025 revenue was 1.891 billion yuan, up 38.67% year-on-year and 31.06% quarter-on-quarter, with a total revenue of 4.671 billion yuan for the first three quarters, marking a 25.03% increase year-on-year [1][2] - The gross profit margin for Q3 2025 was 12.83%, down 3.99 percentage points year-on-year and 2.98 percentage points quarter-on-quarter, primarily due to an increase in low-margin projects and underutilization of new factory capacity [2] - The company maintained good control over operating expenses, with a Q3 2025 expense ratio of 8.56%, down 3.01 percentage points year-on-year and 2.98 percentage points quarter-on-quarter [2] Growth Drivers - The company is experiencing robust growth in its new energy business, supported by increased sales from key clients such as Chery and Leap Motor, which saw sales growth of 14% year-on-year and 16% quarter-on-quarter, and 102% year-on-year and 30% quarter-on-quarter, respectively [2] - The company has entered a strategic partnership with Brighter Signals B.V. to produce fabric sensors in its Chinese factory, with plans to expand production to Europe, indicating a focus on global expansion and new product lines [3] Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to a price-to-earnings ratio of 11.6 times for 2025 and 10.1 times for 2026 [4] - The target price is set at 20.00 yuan, implying a potential upside of 15.5% from the current stock price, based on a 13.4 times price-to-earnings ratio for 2025 and 11.6 times for 2026 [4]