菱电电控盈利最高预增8倍 终止4.78亿收购同业资产

Core Viewpoint - Lidian Electric Control (688667.SH) is experiencing significant growth, with a projected net profit increase of 640.16% to 804.64% for 2025, driven by supply chain optimization and improved product profitability [1][2]. Financial Performance - The company expects a net profit of 118 million to 144 million yuan for 2025, with a substantial increase in net profit of 40 times in the third quarter of 2025 [1][2]. - For the first three quarters of 2025, Lidian Electric Control reported revenue of 890 million yuan, a year-on-year increase of 7.17%, and a net profit of 74.72 million yuan, up 815.30% [2][3]. Business Strategy - The company aims to address the "core technology hollowing" issue in China's automotive industry by developing proprietary engine management systems, achieving domestic production of automotive power electronic control systems [2]. - Lidian Electric Control has successfully supplied its EMS products to major automotive manufacturers, including Li Auto, JAC, and Geely, and is exploring new applications in low-altitude flying vehicles [2]. Acquisition Update - The planned acquisition of peer company Aoyikesi for 478 million yuan has been terminated after a year of deliberation, as the company decided it was a more rational choice to abandon the high-premium acquisition in light of its own performance recovery [4][6]. - The acquisition was initially announced in January 2025, with the aim of consolidating market resources and enhancing competitiveness, but faced delays and was ultimately called off due to changes in market conditions [5][6].