研报掘金丨华鑫证券：首予兴瑞科技“买入”评级，液冷和机器人业务新增看点

Core Viewpoint - The report from Huaxin Securities highlights that Xingrui Technology, with over 20 years of experience in precision mold and component manufacturing, has established a strong client base including global companies such as Vantiva, Sagemcom, Verizon, and Sony. The company is expected to see a performance turnaround, with a "buy" investment rating given for its traditional business foundation and potential growth in liquid cooling and robotics sectors [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.328 billion yuan, representing a year-on-year decrease of 10.13% [1] - The net profit attributable to the parent company was 119 million yuan, reflecting a year-on-year decline of 38.42% [1] Business Outlook - The traditional business is seen as a solid foundation, while the liquid cooling and robotics segments are anticipated to contribute to new performance and valuation flexibility [1]