LSKJ(SZ:300680) Shenwan Hongyuan Securities·2025-10-23 14:43Investment Rating - The report maintains a "Buy" rating for Longsheng Technology (300680) [2] Core Views - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 36.9%, driven by non-recurring investment income [7][9] - The revenue growth is expected to be supported by advancements in semi-integrated components and robotics [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.81 billion yuan, a year-on-year increase of 10.1% [7] - The net profit attributable to the parent company for Q3 2025 was 1.06 billion yuan, showing a quarter-on-quarter increase of 109.8% [9] - The gross margin for Q3 2025 was reported at 15.2%, reflecting a slight decline compared to previous periods [9] - The company has slightly adjusted its profit forecasts for 2025-2027, now expecting net profits of 2.94 billion yuan, 3.32 billion yuan, and 3.94 billion yuan respectively [9] Business Development Insights - The company is diversifying into robotics, focusing on core components and complete machine development, with new products expected in the future [9] - Investment in a new production base for lightweight components in Chongqing is underway, aimed at enhancing collaboration with major automotive manufacturers [9] - The EGR business remains stable, with strong support from new model launches by major clients like BYD and Geely [9]