沪光股份(605333)：三季度营收增速放缓 机器人业务全面拓展

Core Insights - The company reported Q3 2025 earnings with revenue of 2.209 billion yuan, showing year-on-year and quarter-on-quarter growth of 4.5% and 5.8% respectively, but net profit attributable to shareholders decreased by 19.1% year-on-year and quarter-on-quarter to 148 million yuan [1] - The slowdown in sales of key customer models has impacted the company's revenue growth [1] Revenue and Profitability - The company's main customer, Seres, sold 124,000 units in Q3 2025, with year-on-year and quarter-on-quarter increases of 12.2% and 16.0% respectively; however, the high ASP model M9 saw a significant decline in sales [1] - The company's gross margin for Q3 2025 was 15.5%, down by 5.0 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, primarily due to rising copper prices and suboptimal production capacity for certain models [2] Expenses and R&D - The company's R&D expenses reached 90 million yuan in Q3 2025, reflecting a year-on-year increase of 41.1% and a quarter-on-quarter increase of 33.6%, with the R&D expense ratio rising to 4.1% [2] - The increase in R&D spending is attributed to a higher number of projects in development and intensified market competition [2] Strategic Developments - The company has established a subsidiary to enter the robotics sector, successfully providing wiring harnesses for a leading AI company and expanding into drone and autonomous vehicle markets [2] - The subsidiary, All-round Intelligent Technology (Suzhou) Co., Ltd., has become a value-added partner for Zhiyuan Robotics, potentially opening up new growth opportunities in the robotics components market [2] Profit Forecast - The company is projected to achieve revenues of 9.11 billion yuan, 11.45 billion yuan, and 13.27 billion yuan for 2025-2027, with year-on-year growth rates of 15%, 26%, and 16% respectively; net profit is expected to reach 710 million yuan, 920 million yuan, and 1.04 billion yuan, with corresponding growth rates of 6%, 29%, and 13% [3]