YINLUN(SZ:002126) Xin Lang Cai Jing·2025-10-31 10:46Core Insights - The company reported Q3 2025 revenue of 3.89 billion yuan, with year-on-year and quarter-on-quarter growth of 27.4% and 3.7% respectively, and a net profit attributable to shareholders of 230 million yuan, reflecting year-on-year and quarter-on-quarter increases of 14.5% and 0.7% [1] - The revenue structure has improved overall, with stable performance expected in the passenger vehicle segment, and significant contributions from commercial vehicles and digital energy businesses [1] Financial Performance - Gross margin for Q3 2025 reached 19.4%, showing improvements of 1.7 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, attributed to the increased share of digital energy and overseas businesses [2] - R&D expenses increased to 160 million yuan, with year-on-year and quarter-on-quarter growth of 5.8% and 13.1%, reflecting ongoing investments in emerging sectors like robotics and liquid cooling [2] Business Development - The company has established a comprehensive product layout for liquid cooling, including various advanced cooling solutions, with some categories entering a growth phase [2] - In robotics, the company has developed a product system covering multiple modules, which is expected to become a new growth driver [2] Profit Forecast - The company is projected to achieve revenues of 15.13 billion yuan, 18.09 billion yuan, and 21.23 billion yuan from 2025 to 2027, with year-on-year growth rates of 19%, 20%, and 17% respectively [3] - Net profit attributable to shareholders is expected to reach 950 million yuan, 1.21 billion yuan, and 1.61 billion yuan during the same period, with corresponding year-on-year growth rates of 21%, 27%, and 33% [3]