Recodeal(SH:688800) Xin Lang Cai Jing·2025-11-04 12:47Core Insights - The company has maintained rapid growth in performance, with significant improvements in profitability, driven by increased order volume and enhanced operational capacity in overseas markets [1][2]. Financial Performance - In the first three quarters of 2025, the company's revenue reached 2.32 billion, a year-on-year increase of 46.0%, while net profit attributable to shareholders was 230 million, up 119.9% year-on-year [1]. - In Q3 alone, revenue was 796 million, reflecting a year-on-year growth of 26.1% and a quarter-on-quarter increase of 4.3%. Net profit for the quarter was 76 million, up 85.4% year-on-year but down 6.6% quarter-on-quarter [1]. - The gross margin for the first three quarters was 22.32%, an increase of 0.31 percentage points year-on-year, and the net margin was 10.19%, up 3.42 percentage points year-on-year [1]. AI Product Development - The company has a comprehensive product solution for AI applications, including high-speed copper cables and power connectors, and is actively developing high-speed backplane systems and cable tray systems [2]. - Projects such as 112G and 224G are progressing smoothly, currently in the customer validation and small batch delivery phase [2]. Strategic Partnerships - The collaboration with Xuchuang is expected to accelerate the company's entry into the domestic and international AI computing supply chain, potentially contributing significantly to performance growth [3]. Robotics Sector - The humanoid robot sector is anticipated to begin mass production in 2026, with commercial viability expected by 2030. The company is strategically positioned in this emerging market, collaborating with leading robotics firms [4]. Profit Forecast and Valuation - The projected net profit attributable to shareholders for 2025-2027 is estimated at 290 million, 380 million, and 460 million, representing year-on-year growth rates of 66.9%, 29.3%, and 22.6%, respectively [5].