NBHX(SZ:002048) Xin Lang Cai Jing·2025-10-29 08:36Core Viewpoint - The company reported a mixed performance for the first three quarters of 2025, with revenue growth but a significant decline in net profit, primarily due to the impact of divesting its European business, while new business initiatives are expected to drive future growth [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 19.22 billion, a year-on-year increase of 6.0%, while net profit attributable to shareholders was 90 million, a year-on-year decline of 87.6%. However, the net profit excluding non-recurring items was 1.07 billion, a year-on-year increase of 63.7% [1]. - In Q3, the company reported revenue of 6.35 billion, a year-on-year decrease of 3.0% and a quarter-on-quarter decrease of 4.1%. The net profit attributable to shareholders was 460 million, a year-on-year increase of 150.9% and a quarter-on-quarter turnaround from loss [1]. - The gross profit margin for Q3 was 18.1%, an increase of 3.9 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, attributed to falling prices of raw materials and the positive impact of the European business divestiture [2]. Business Strategy and Outlook - The company is actively expanding its client base, focusing on leading domestic brands such as BYD, Geely, and Chery, while also deepening its presence in the North American market post-divestiture [1]. - The company plans to raise up to 2.921 billion through a specific stock issuance, with funds directed towards smart chassis and robotics sectors, indicating a strategic shift towards emerging technologies [2]. - A three-year agreement for full-size bipedal robot manufacturing has been signed, with expectations to ship over 1,000 units in the second half of the year, indicating a ramp-up in production for next year [2]. Profit Forecast - The company forecasts total revenue of 28.51 billion, 30.46 billion, and 33.22 billion for the years 2025 to 2027, with net profits attributable to shareholders projected at 440 million, 1.43 billion, and 1.65 billion respectively, maintaining a "recommended" rating [3].