Core Viewpoint - Northeast Securities has given a "Buy" rating to Joyson Electronics (00699), highlighting steady revenue growth and continuous improvement in profitability, with a significant increase in gross margin before Q3 2025 [1] Revenue and Profitability - For the first three quarters, the company achieved revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, with Q3 2025 revenue at 15.497 billion yuan, up 10.25% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.12 billion yuan, reflecting a year-on-year growth of 18.98%, with Q3 2025 net profit at 413 million yuan, up 35.40% year-on-year [1] - The significant profit growth is attributed to a notable increase in gross margin, which reached 18.3% for the first three quarters, up 2.7 percentage points year-on-year, and 18.6% for Q3 2025, up 2.9 percentage points year-on-year [1] - The gross margin for the automotive safety business was approximately 16.4%, up 2.4 percentage points year-on-year, while the automotive electronics business gross margin was about 20.8%, up 1.6 percentage points year-on-year [1] New Orders and Intelligent Driving Business - The company has significantly increased its new order acquisition, with a total order value of approximately 71.4 billion yuan for the first three quarters, including 39.6 billion yuan for automotive safety and 31.8 billion yuan for automotive electronics [2] - The intelligent driving business has been a major highlight, with two significant automotive intelligence project orders received since Q3 2025, expected to generate total order values of 15 billion yuan and 5 billion yuan, with production planned to start in 2027 and by the end of 2026, respectively [2] Robotics Product Line and Commercialization - The company is positioning itself as a "Tier 1" supplier in the automotive and robotics sectors, actively developing a second growth curve since the establishment of its wholly-owned subsidiary, Joyson Embodied Intelligent Robotics, in April 2025 [3] - A comprehensive product matrix has been formed, including AI head assemblies, thoracic and chassis assemblies, energy management solutions, and sensor suites, with core clients including leading overseas robotics companies [3] Strategic Cooperation - The company has reached a strategic cooperation agreement with Sien Intelligent Driving to jointly explore L4 commercial applications and embodied intelligent technology [4] - A previously developed smart port digital management platform based on "V2X + L4 Intelligent Driving + Intelligent Cloud Scheduling" has been successfully implemented and is operating stably at Ningbo Port [4]