雷赛智能（002979）：工控需求持续回暖，机器人产品逐步放量

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 1.3 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.6%, with a net profit of 160 million yuan, up 11.0% year-on-year [2]. - The demand in the automation control sector is recovering, leading to an increase in market share for the company's servo and PLC products [3]. - The company has made significant advancements in humanoid robot products, establishing a second growth curve with several large clients testing its products [4]. - Operating cash flow has improved significantly, with a net cash flow of 190 million yuan, reflecting a 61.9% year-on-year increase [5]. Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 410 million yuan, a 23.2% increase year-on-year, and a net profit of 40 million yuan, up 47.6% year-on-year, with a gross margin of 39.7% [2]. Operational Analysis - The company is benefiting from a robust recovery in the smart manufacturing sector, with its core products seeing increased market penetration, contributing to a significant revenue growth in Q3 [3]. Product Development - The company is leading in humanoid robot product development, with several commercial orders for its components, indicating a strong position in emerging markets [4]. Financial Metrics - The company’s operating expenses increased to 27.3% of revenue, primarily due to marketing and new equity incentive costs, but operating cash flow has shown strong improvement [5]. - The projected net profits for 2025-2027 are 240 million, 300 million, and 370 million yuan, respectively, with corresponding growth rates of 20%, 25%, and 22% [6].