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] Group 1: Revenue and Profitability - For the first three quarters, the company achieved a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, with Q3 2025 revenue reaching 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 an 18.98% year-on-year increase, with Q3 2025 net profit at 413 million yuan, a 35.40% increase year-on-year [1] - The gross margin for the first three quarters was 18.3%, up 2.7 percentage points year-on-year, with Q3 2025 gross margin at 18.6%, an increase of 2.9 percentage points year-on-year [1] Group 2: New Orders and Smart 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 smart 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] Group 3: Robotics Product Development - The company is positioning itself as a "Tier 1 in Automotive and Robotics," 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] Group 4: 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]