柯力传感(603662)：Q3毛利率与净利率依然维持高位

Core Viewpoint - The company reported stable revenue and profit growth in Q3 2025, driven by previous acquisitions and a comprehensive layout in robotic sensing solutions, maintaining a "buy" rating [1][4]. Financial Performance - Q3 2025 revenue reached 396 million, up 9.06% year-on-year and 7.26% quarter-on-quarter; net profit attributable to shareholders was 81 million, up 10.11% year-on-year but down 16.39% quarter-on-quarter [1]. - For the first three quarters, total revenue was 1.082 billion, an increase of 17.72% year-on-year; net profit attributable to shareholders was 254 million, up 33.29% year-on-year [1]. - Gross margin for Q3 was 44.25%, up 1.08 percentage points year-on-year; net margin was 24.24%, up 0.36 percentage points year-on-year [2]. - For the first three quarters, gross margin was 44.12%, up 0.8 percentage points year-on-year; net margin was 26.93%, up 3.25 percentage points year-on-year [2]. Cost Structure - Q3 2025 operating expense ratio was 23.7%, up 0.32 percentage points year-on-year; sales expense ratio was 7.13%, up 0.8 percentage points year-on-year; management expense ratio was 7.13%, up 0.03 percentage points year-on-year; financial expense ratio was 0.83%, down 0.87 percentage points year-on-year; R&D expense ratio was 8.62%, up 0.36 percentage points year-on-year [2]. Business Development - The company has achieved full coverage of robotic mechanical sensing products, establishing a core capability in six-dimensional force/torque sensors integrated with multi-modal perception [3]. - Future focus will be on securing bulk orders from robotic companies and overcoming challenges in transitioning from sample orders to bulk production [3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 332 million, 370 million, and 432 million respectively [4]. - The target price for 2026 is set at 106.92, reflecting a price-to-earnings ratio of 81x, up from the previous 72x, due to rapid advancements in robotic sensing solutions [4].