兆威机电(003021)季报点评：Q3收入与归母净利润稳健增长

Core Viewpoint - The company reported continuous revenue and profit growth in Q3 2025, driven by strong demand in the smart automotive sector and advancements in humanoid robotics, maintaining a "buy" rating [1][2][5]. Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 469 million yuan, a year-on-year increase of 13.65%, and a net profit attributable to shareholders of 68 million yuan, up 4.01% year-on-year [1]. - For the first three quarters of 2025, total revenue reached 1.255 billion yuan, reflecting an 18.7% year-on-year growth, while net profit attributable to shareholders was 181 million yuan, a 13.86% increase year-on-year [1]. - The gross margin for Q3 2025 was 32.69%, up 0.63 percentage points year-on-year, while the net margin was 14.5%, down 1.35 percentage points year-on-year [3]. Group 2: Business Segments and Growth Drivers - The automotive electronics segment showed steady growth, with the company transitioning from precision components to system-level solutions, achieving full coverage in body, chassis, and intelligent cockpit domains [2]. - The company made significant advancements in humanoid robotics, launching the ZWHAND series, which has reached industry-leading performance levels, positioning the company as a core supplier for international manufacturers [2]. Group 3: Research and Development - The company maintained a high R&D investment rate of 9.93% of revenue in Q3 2025, focusing on micro-drives, electronic control, and soft perception systems to strengthen its core technology advantages [3][4]. - A strategic partnership with Tujian Technology was established to enhance the humanoid robot ecosystem, reinforcing the company's long-term competitive edge in high-end intelligent manufacturing [4]. Group 4: International Expansion and Capital Strategy - In August 2025, the board approved an investment of up to 100 million USD to establish a new production base in Thailand, aimed at enhancing overseas capacity and local service [4]. - The company submitted an application for a Hong Kong listing in June, intending to raise funds for global R&D, capacity expansion, and strategic acquisitions, facilitating a shift from "Made in China" to "Global Operations" [4]. Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025-2027, projecting net profits of 254 million, 315 million, and 393 million yuan respectively, supported by its technological capabilities in precision transmission and a growing product matrix in various innovative fields [5].