研报掘金丨华鑫证券：予锐明技术“买入”评级，25年业绩高增，无人巴士加速落地

Core Viewpoint - Rui Ming Technology is experiencing significant growth in its performance, particularly in the autonomous bus sector, with a projected net profit increase in 2025 [1] Financial Performance - The company achieved a cumulative net profit attributable to shareholders of 274 million yuan in the first three quarters of 2025, with an estimated net profit of approximately 385 million yuan for the entire year [1] - The fourth quarter is expected to see a substantial increase in net profit, projected at around 111 million yuan, a significant rise from 71 million yuan in Q3 [1] - The annual net profit is expected to maintain a high growth rate of about 30% year-on-year, aligning with expectations [1] Business Development - The company is expanding its customer base by leveraging high-value products and increasing penetration among existing customers, driving synchronized growth in revenue and profit [1] - The development of an AI large model aims to provide data and intelligent value-added services at the fleet level, with a gross margin exceeding 60%, which is expected to contribute additional profits by 2026 [1] Industry Positioning - With accumulated experience in the public transport sector, the company is making strong inroads into the autonomous bus market, focusing on the implementation of the Robobus project [1] - The rapid development of the company's assisted driving business and the strengthening of its autonomous driving attributes support a "buy" investment rating [1]