Yiheda(SZ:301029) Xin Lang Cai Jing·2025-10-31 02:44Core Viewpoint - The company reported strong financial performance in Q1-Q3 2025, driven by demand in the lithium battery and automotive sectors, with significant year-on-year growth in both revenue and net profit [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.197 billion yuan, an increase of 18.30% year-on-year; net profit attributable to shareholders was 417 million yuan, up 27.16% year-on-year; and net profit excluding non-recurring items was 409 million yuan, reflecting a 26.41% increase year-on-year [1]. - In Q3 2025, the company recorded revenue of 736 million yuan, a year-on-year increase of 17.52% but a quarter-on-quarter decrease of 12.44%; net profit attributable to shareholders was 136 million yuan, up 28.59% year-on-year and down 15.11% quarter-on-quarter; net profit excluding non-recurring items was 133 million yuan, a year-on-year increase of 28.44% and a quarter-on-quarter decrease of 13.19% [1]. Margin Improvement - The company focused on improving gross margin, achieving a gross margin of 39.47% for the first three quarters of 2025, an increase of 4.04 percentage points year-on-year; net margin was 19.00%, up 1.32 percentage points year-on-year [1]. - In Q3 2025, the gross margin was 40.22%, reflecting a year-on-year increase of 5.17 percentage points and a quarter-on-quarter increase of 0.39 percentage points [1]. Expense Ratios - The expense ratios for the first three quarters of 2025 were as follows: sales expense ratio at 5.13%, management expense ratio at 8.46%, financial expense ratio at -0.61%, and R&D expense ratio at 4.07%, with year-on-year changes of -0.27, +1.00, +0.82, and -0.33 percentage points respectively [2]. Business Development - The company's FB business is steadily developing, having integrated AI large model image recognition technology to enhance 2D/3D drawing linkage and pricing, with over 30 iterations of recognition algorithms; automated programming capabilities are continuously improving to support various manufacturing processes [2]. Future Outlook - The company maintains a "strongly recommended" investment rating, anticipating continued growth driven by lithium battery downstream customer expansion, new model launches in the automotive sector, and demand from VR/AR devices and Apple product sampling [2]. - Revenue projections for 2025-2027 are 2.9 billion, 3.5 billion, and 3.85 billion yuan, representing year-on-year growth of 16%, 21%, and 10% respectively; net profit projections are 520 million, 630 million, and 730 million yuan, with year-on-year growth of 28%, 21%, and 16% respectively [2].