华安证券给予鸣志电器“买入”评级，盈利能力明显改善，聚焦自动化行业前沿技术

Group 1 - The core viewpoint of the report is that Mingzhi Electric (603728.SH) is rated as "Buy" by Huazhong Securities due to expected performance improvements and growth in the automation sector [1] - The Q3 2025 performance is in line with expectations, showing significant improvement in profitability [1] - The gross margin in Q3 has improved quarter-on-quarter, leading to increased profits, while the expense ratio has decreased year-on-year [1] Group 2 - There is a growing demand in the automation sector, which is driving growth in the control motor and its drive system business [1] - The company is focusing on cutting-edge technologies in the automation industry, with significant investments in AI and robotics [1]