经纬恒润(688326)：2025Q3收入增速放缓 盈利拐点趋势确立

Core Insights - The company experienced a temporary slowdown in revenue growth in Q3 2025, with revenue reaching approximately 1.555 billion yuan, a year-on-year increase of 2.40% but a quarter-on-quarter decrease of 1.57% [1] - The company achieved profitability for two consecutive quarters, attributed to economies of scale and cost control, with a gross margin of 22.80%, a year-on-year decrease of 0.36 percentage points [1] Revenue Analysis - Q3 2025 revenue growth slowed down, primarily due to the postponement of certain projects to Q4, while core clients like Xiaomi and Geely showed significant sales increases of 32.59% and 7.79% quarter-on-quarter, respectively [1] - R&D expenses for Q1-Q3 2025 amounted to 633 million yuan, a year-on-year decrease of 20%, with the R&D expense ratio dropping to 14.18%, a year-on-year decline of 8.13 percentage points [2] Business Development - In the high-level intelligent driving sector, the company’s intelligent driving domain controller has been designated by leading logistics companies, with mass production expected by the end of 2025 [2] - The company is focusing on L4 and commercial deployment scenarios, promoting a dual-value enhancement strategy of "electric vehicles replacing fuel vehicles" and "autonomous driving replacing manual driving" [2] Profit Forecast and Investment Rating - The company is projected to achieve total revenue of 7.042 billion, 8.937 billion, and 10.665 billion yuan from 2025 to 2027, with net profit expected to be 9 million, 222 million, and 456 million yuan, respectively [3] - The projected price-to-earnings ratios for 2026 and 2027 are 54 and 26 times, respectively, with a maintained "buy" rating due to the established operational turning point and anticipated upward trajectory [3]