研报掘金丨华鑫证券：维持运机集团“买入”评级，盈利成绩亮眼，海外市场可期

Core Viewpoint - The report from Huaxin Securities highlights that Yunjigroup, a leading enterprise in the design, manufacturing, and installation of bulk material conveying machinery in China, is actively optimizing its business, showing steady improvement in performance [1] Financial Performance - In Q3 2025, the company achieved an operating revenue of 352 million yuan, representing a year-on-year increase of 27.97% [1] - The net profit attributable to the parent company reached 34 million yuan, with a year-on-year growth of 45.71% [1] - The net profit after deducting non-recurring items was 30 million yuan, reflecting a year-on-year increase of 42.97% [1] - For the first three quarters of 2025, the net profit amounted to 111 million yuan, up 31.53% year-on-year, indicating improved profitability and quality [1] Strategic Initiatives - The company is actively advancing its internationalization strategy, with a continuous increase in overseas order volume [1] - There is a sustained increase in R&D investment, including collaboration with Huawei to develop mining robots [1] Investment Rating - The investment rating is maintained at "Buy" [1]