Core Insights - The company reported a revenue of 1.002 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.44%, while the net profit attributable to shareholders was 101 million yuan, a decrease of 6.67% [1] - The revenue for Q3 2025 was 333 million yuan, showing a year-on-year increase of 7.72%, but the net profit decreased by 10.88% to 34 million yuan [1] Revenue Growth - The increase in revenue is primarily driven by the growth in electric vehicle sales and rapid technological iterations in customer models, leading to increased demand for unit products [1] - The company is experiencing short-term pressure on profits due to the rapid growth of operating costs [1] New Energy Business Development - The company is making significant progress in new energy projects, optimizing its customer structure, and expanding its order base with well-known domestic and international automotive manufacturers [1] - Ongoing projects in Jiangsu, Wuhu, and Chongqing indicate active order expansion in the new energy sector [1] R&D Investment - R&D expenses reached 573 million yuan in the first three quarters of 2025, a year-on-year increase of 27.8%, accounting for 5.7% of revenue [2] - The increase in R&D investment is aimed at enhancing core competitive advantages through the development of new materials and products, aligning with trends in new energy smart vehicle technology [2] Profit Forecast - The company is expected to maintain high revenue growth due to the increasing penetration of electric vehicles and the expansion of liquid cooling customers [2] - Projected revenues for 2025-2027 are 1.526 billion, 1.926 billion, and 2.383 billion yuan, with net profits expected to be 157 million, 199 million, and 249 million yuan respectively [2]
溯联股份(301397)：前三季度营收稳增 新能源&液冷持续扩张