Enpower(SZ:300681) Huachuang Securities·2025-10-22 07:01Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][20]. Core Insights - The company reported significant growth in both revenue and profit for Q3 2025, with total revenue reaching 989 million yuan, a year-on-year increase of 69.4%, and net profit attributable to shareholders at 112 million yuan, up 580.6% [6][11]. - The company is making substantial progress in the low-altitude sector, including the launch of a joint venture with EHang for eVTOL production and the introduction of a new long-range unmanned aerial vehicle [6][11]. - The financial forecast for 2025 has been adjusted to reflect a net profit of 180 million yuan, up from a previous estimate of 110 million yuan, with EPS projections of 0.7, 0.7, and 1 yuan for 2025-2027 [6][11]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 3,293 million yuan, representing a growth rate of 35.5% compared to the previous year [6][10]. - The net profit attributable to shareholders is expected to be 178 million yuan in 2025, reflecting a significant increase of 151.0% year-on-year [6][10]. - The company's gross margin for the first three quarters of 2025 was 15.7%, a slight decrease of 0.7 percentage points compared to the same period in 2024 [6][11]. Market Position and Strategic Developments - The company has established a strategic partnership with Jindi Co., integrating its advantages in electric drive system components with the company's system integration capabilities to enhance competitiveness in both domestic and international markets [6][11]. - The company has a strong production capacity with two major manufacturing bases, enabling it to meet the growing demand in the eVTOL market as it enters a production cycle [6][11].