KSHG(SH:605333) GOLDEN SUN SECURITIES·2025-10-28 07:10Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has a diversified customer base, including major clients such as SAIC Volkswagen, Daimler, Audi, and others, which supports its leading position in the domestic wiring harness market [2] - The company is expanding its overseas market presence, particularly in Europe, by enhancing its management team and optimizing supply chain management [2] - The demand for high-voltage wiring harnesses is increasing due to the growth of electric vehicles and autonomous driving, positioning the company to benefit from industry expansion and domestic substitution trends [3] - The company has developed a full range of high-voltage connectors and is actively involved in the robotics sector, providing wiring harnesses and connectors for AI companies and robotic systems [3] Financial Summary - For the first three quarters of 2025, the company reported revenue of 5.84 billion yuan, a year-on-year increase of 6%, and a net profit of 420 million yuan, a year-on-year decrease of 3% [1] - The gross profit margin for the first three quarters of 2025 was 15.6%, down 1.7 percentage points year-on-year, while the net profit margin was 7.3%, down 0.6 percentage points year-on-year [1] - The company expects net profits for 2025, 2026, and 2027 to be 670 million yuan, 800 million yuan, and 930 million yuan, respectively, with corresponding P/E ratios of 24, 20, and 17 times [3]