LSKJ(SZ:300680) Minsheng Securities·2025-10-21 06:10Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [8][15]. Core Insights - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.13%. The net profit attributable to the parent company reached 210 million yuan, up 36.89% year-on-year [3][4]. - The third quarter of 2025 saw a revenue of 586 million yuan, a slight increase of 0.48% year-on-year but a decrease of 5.28% quarter-on-quarter. The net profit for Q3 was 106 million yuan, showing a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13% [3][4]. - The increase in net profit is primarily attributed to non-recurring gains, particularly a fair value change gain of 87 million yuan [4]. Financial Performance Summary - Revenue and Profitability: The company’s Q3 gross margin was 15.23%, down 2.68 percentage points year-on-year, while the net profit margin was 18.02%, up 9.39 percentage points year-on-year [4]. - Expense Ratios: The sales, management, R&D, and financial expense ratios for Q3 were 0.73%, 4.19%, 4.14%, and 1.43%, respectively, with management expenses slightly increasing due to higher depreciation of management assets [4]. - Future Projections: The company is expected to achieve revenues of 3.23 billion yuan, 4.08 billion yuan, and 5.07 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 303 million yuan, 381 million yuan, and 529 million yuan for the same years [7][12]. Strategic Developments - Collaboration with Nidec: The company is deepening its collaboration with Nidec in the fields of new energy vehicle components and humanoid robots, focusing on technology empowerment, capacity collaboration, and market resonance [5]. - Investment in Tactile Technology: The company strategically invested in Shenzhen Tactile Technology Co., which specializes in MEMS technology and tactile sensors, aiming to enhance its capabilities in robotics [6].