研报掘金丨华鑫证券：予福莱新材“买入”评级，三代电子皮肤蓄势待发

Core Viewpoint - The report from Huaxin Securities indicates that Fulei New Materials has experienced a decline in net profit for the first three quarters of 2025, but shows significant growth in Q3, driven by the upcoming launch of the third generation of electronic skin products [1] Financial Performance - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 0.65 billion yuan, a year-on-year decrease of 7.83% [1] - In Q3, the net profit attributable to shareholders was 0.14 billion yuan, reflecting a year-on-year increase of 102.23% but a quarter-on-quarter decline of 14.87% [1] Product Development - The company is set to release the third generation of electronic skin on November 27, following the launch of the first and second generations earlier in the year [1] - The company has chosen a simple structure and mass production-friendly resistive technology for its electronic skin, similar to the lithium iron phosphate battery concept in the new energy sector [1] Market Applications - The company's flexible sensors and tactile perception systems are currently applied in various fields, including humanoid robots, industrial inspection, smart wearables, companion robots, and medical testing [1] - Collaborations have been established with several well-known domestic and international robotics and dexterous hand companies [1] International Expansion - In September, the company established a wholly-owned subsidiary, Apex Sensing LLC, in California, USA, and formed a local business team to accelerate the integration of flexible sensing technology with the North American embodied intelligence industry [1] - Progress in this international expansion is reported to be smooth [1] Investment Rating - The company has been given a "Buy" investment rating by Huaxin Securities [1]