Shuanglin Auto Parts(SZ:300100) Xin Lang Cai Jing·2025-11-25 00:48Core Viewpoint - The company reported a steady growth in revenue and net profit for Q3 2025, indicating a positive performance trajectory and strong operational capabilities [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 1.33 billion yuan, representing a year-on-year increase of 17.4% [2]. - The net profit attributable to shareholders was 120 million yuan, down 2.7% year-on-year, primarily due to high investment income from the previous period [2]. - The non-recurring net profit attributable to shareholders was 100 million yuan, reflecting a robust year-on-year growth of 25.9% [2]. - The gross margin for Q3 2025 was 22.8%, an increase of 1.5 percentage points year-on-year and 3.0 percentage points quarter-on-quarter [2]. - The operating expense ratio was 12.6%, down 1.4 percentage points year-on-year, with stable management of sales, administrative, R&D, and financial expenses [2]. Business Development - The company has made significant progress in its main business areas, expanding its customer base and product offerings [3]. - In the automotive interior and precision components sector, the company has deepened collaborations with major clients such as SAIC-GM-Wuling and Changan [3]. - The smart control system components have seen successful product launches and mass production, establishing the company as a leading manufacturer of automotive seat actuators in China [3]. - The company aims to lead the domestic market for medium and small power electric vehicle powertrains, with multiple platforms already in mass production [3]. - The company has expanded its market presence in wheel hub bearings, securing new projects with major electric vehicle manufacturers [4]. New Product Development - The company has strategically acquired Wuxi Kezhixin, enhancing its capabilities in the humanoid robot sector and reducing production costs for core components [5]. - Development of planetary roller screws for humanoid robots is underway, with production lines established for trial runs [6][7]. - The company has successfully developed micro ball screws for robotic applications and established a complete processing capability [7]. - The second-generation grinding machines from Kezhixin are designed for high-precision manufacturing of various components, enhancing production efficiency [8]. Revenue Forecast - The company forecasts revenues of 5.65 billion yuan, 6.41 billion yuan, and 7.24 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 530 million yuan, 650 million yuan, and 750 million yuan [9].