WBTL(SH:603596) Xin Lang Cai Jing·2025-11-28 10:32Core Insights - The company reported significant revenue growth in Q3 2025, with total revenue reaching 31.93 billion yuan, a year-on-year increase of 22.48% and a quarter-on-quarter increase of 26.43% [1] - The gross profit margin improved in Q3 2025, reaching 20.55%, with a quarter-on-quarter increase of 1.36 percentage points [2] - The company is actively expanding its market presence and enhancing production capacity, particularly in the robotics sector, with a total of 536 ongoing projects, a 24.07% increase year-on-year [3] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 83.57 billion yuan, a year-on-year increase of 27.04%, and a net profit attributable to shareholders of 8.91 billion yuan, up 14.58% year-on-year [1] - In Q3 2025, the net profit attributable to shareholders was 3.69 billion yuan, reflecting a year-on-year increase of 15.15% and a quarter-on-quarter increase of 46.50% [1] - The company’s net profit margin for Q3 2025 was 11.74%, with a year-on-year decrease of 0.83 percentage points but a quarter-on-quarter increase of 1.57 percentage points [2] Market Expansion and Capacity Development - The company is focusing on both domestic and international market expansion, with a steady increase in project numbers, including 413 new designated projects, a 37.21% increase year-on-year [3] - The company is advancing its production capacity with ongoing projects in Mexico and the establishment of new production lines for various products, including components for humanoid robots [3] Investment Outlook - The company is expected to benefit from the increasing penetration of smart driving technologies, with projected net profits for 2025, 2026, and 2027 being 13.56 billion yuan, 16.53 billion yuan, and 19.81 billion yuan respectively [4] - The company maintains a "buy" rating based on its growth prospects and ongoing capacity expansion [4]