xinje(SH:603416) Xin Lang Cai Jing·2025-10-29 00:30Core Viewpoint - The company reported a revenue of 1.38 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 14.2%, with a net profit of 180 million yuan, up 3.4% year-on-year, indicating steady growth despite slight declines in gross margin [1] Financial Performance - For Q3 2025, the company achieved a revenue of 500 million yuan, representing a year-on-year growth of 22.2%, and a net profit of 50 million yuan, up 11.3% year-on-year, with a gross margin of 35.4%, down 3.4 percentage points [1] - The gross margin for the first three quarters was 37.2%, down 1.4 percentage points year-on-year [1] Operational Analysis - The industrial control sector is experiencing a recovery, with the company maintaining a leading position in small PLCs and servos. Q3 sales for small PLCs grew by 10.2% year-on-year, holding a market share of 7%, while servo sales increased by 25.6% year-on-year, with a market share of 4% [2] - The company is expanding into high-end manufacturing sectors such as new energy and semiconductors, which is expected to create new growth opportunities [2] Robotics Development - The company is accelerating its investment in humanoid robotics, achieving small-scale sales of key components like torque motors and encoders, and has sold over 10,000 encoders to leading domestic robot manufacturers [3] - Collaborations with Huawei Cloud on intelligent welding and sorting robots are expected to enhance the commercialization of the robotics business [3] Cost Management - The company has effectively managed its expenses, with sales, management, and R&D expense ratios at 10.5%, 4.7%, and 9.6% respectively, showing slight year-on-year changes [4] - Increased sales expenses are attributed to the expansion of personnel for major client strategies and direct sales transformation, while R&D investments focus on large PLCs, high-end servos, and core components for humanoid robots [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 270 million, 330 million, and 390 million yuan for 2025-2027, reflecting year-on-year growth rates of 17%, 21%, and 20% respectively [5] - The current price corresponds to a PE ratio of 31, 26, and 22 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5]