研报掘金丨财信证券：首予美湖股份“增持”评级，未来业绩值得期待

Core Viewpoint - The report indicates that Meihua Co., Ltd. experienced a decline in net profit for the first three quarters of 2025, with a notable drop in Q3, while the company's robotics business continues to show breakthroughs [1] Financial Performance - For Q1-Q3 2025, the net profit attributable to the parent company was 129 million yuan, representing a year-on-year decrease of 10.66% [1] - In Q3 alone, the net profit attributable to the parent company was 28 million yuan, reflecting a year-on-year decline of 47.38% and a quarter-on-quarter decrease of 41.13% [1] Business Strategy and Outlook - The company is recognized as a high-quality supplier of pump products and is committed to strategic goals of "energy-saving, integrated modularization, electrification, new energy, and lightweight" [1] - While continuing to develop engine pump products, the company is also expanding its product line, achieving breakthroughs in areas such as transmission/gearbox oil pumps, electronic pumps, motors, planetary/harmonic reducers, and intelligent joint modules [1] - The future performance of the company is expected to be promising, leading to an initial coverage rating of "Buy" [1]