雷赛智能（002979）：业绩超市场预期，机器人业务快速推进

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in Q3 2025 exceeded market expectations, with revenue growth of 23% year-on-year and net profit growth of 48% [8] - The recovery trend in the industrial control downstream is clear, with the company increasing its market share through marketing initiatives [8] - The robotics business is advancing rapidly, with three main entities focusing on different product solutions [8] - Overall expense control is good, and operating cash flow has significantly improved [8] - The company forecasts a net profit of 2.8 billion, 3.7 billion, and 4.8 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 49x, 37x, and 29x [8] Financial Performance Summary - Total revenue for 2023 is projected at 1,415 million, with a year-on-year growth of 5.79% [1] - The net profit attributable to the parent company for 2023 is estimated at 138.57 million, reflecting a year-on-year decline of 37.10% [1] - The latest diluted EPS for 2023 is 0.44 yuan per share [1] - The company expects total revenue to reach 2,071 million in 2025, with a year-on-year growth of 30.74% [1] - The net profit attributable to the parent company is projected to be 281.52 million in 2025, with a year-on-year growth of 40.43% [1] - The latest diluted EPS for 2025 is expected to be 0.90 yuan per share [1]