LSKJ(SZ:300680) CHINA DRAGON SECURITIES·2025-10-21 13:09Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - The company achieved a year-on-year increase of 109.83% in net profit attributable to shareholders in Q3 2025, driven by revenue growth and increased investment income [3][5] - The company reported a total revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.13% [3][5] - The Q3 revenue was 586 million yuan, with a slight year-on-year increase of 0.48%, influenced by sales fluctuations among key customers and product upgrades in the new energy sector [5][6] - The company is actively expanding its humanoid robot business and has successfully engaged with overseas Tier 1 suppliers [6][8] Financial Performance Summary - For Q3 2025, the company reported a net profit of 106 million yuan, a significant increase of 109.83% year-on-year, attributed to revenue growth and investment income [3][5] - The gross profit margin for Q3 2025 decreased by 2.67 percentage points to 15.23%, likely due to increased depreciation from the new energy motor semi-assembly production line [5][6] - The operating cash flow turned positive in Q3 2025, with a net inflow of 118 million yuan compared to a net outflow of 1 million yuan in the same period last year [5][6] Revenue and Profit Forecast - Revenue is projected to grow to 3.35 billion yuan in 2025, with a year-on-year growth rate of 39.7% [7][8] - The net profit attributable to shareholders is expected to reach 327 million yuan in 2025, reflecting a growth rate of 45.8% [7][8] - The company’s price-to-earnings (P/E) ratio is forecasted to be 37.4 in 2025, decreasing to 25.3 by 2027 [7][8]