雷赛智能（002979）：Q3业绩高增，体系变革赋能成长

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 1.3 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 12.57%. The net profit attributable to the parent company was 160 million RMB, up 11.01% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 409 million RMB, a year-on-year increase of 23.21%, but a quarter-on-quarter decrease of 18.33%. The net profit for the same quarter was 41 million RMB, reflecting a year-on-year increase of 47.62% [1]. - The company is undergoing significant transformations in its channels, management, and research and development, which are expected to enhance growth in its core industrial control business [3]. Summary by Sections Financial Performance - For Q3 2025, the gross margin was 39.74%, slightly down by 0.22 percentage points year-on-year but up by 0.62 percentage points quarter-on-quarter. The increase in the expense ratio is attributed to the company's ongoing management and R&D process reforms [2]. - The company forecasts net profits of 271 million RMB, 339 million RMB, and 389 million RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.86, 1.08, and 1.24 RMB [5]. Business Strategy - The company has initiated a channel model upgrade since 2022, focusing on partnerships with foreign brands and shifting towards a strategy that emphasizes channels over direct sales [3]. - The establishment of subsidiaries focused on robotics and high-density motor solutions indicates a proactive approach to capturing new opportunities in the intelligent robotics sector [4]. Market Positioning - The company is expanding its market share in core products such as servo and PLC through various organizational changes and a focus on customer needs [3]. - The report highlights the company's efforts in developing key technologies for humanoid robots, which may lead to significant growth opportunities in the future [4].