EWPT(SZ:300115) HUAXI Securities·2025-10-29 14:08Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company's performance in Q1-Q3 2025 met market expectations, with a revenue of 13.51 billion yuan, a year-on-year increase of 11.68%, and a net profit attributable to shareholders of 468 million yuan, a year-on-year decrease of 21.25% [1][2] - The company is focusing on expanding its product offerings in the AI and robotics sectors, with significant investments in R&D and new materials for humanoid robots and AI servers [4][8] Financial Performance - For Q3 2025, the company achieved a revenue of 4.87 billion yuan, a year-on-year increase of 10.55%, and a net profit of 162 million yuan, a year-on-year increase of 0.63% [2] - The gross margin for Q1-Q3 2025 was 19.10%, a year-on-year increase of 0.40 percentage points, while the gross margin for Q3 2025 was 19.72%, a year-on-year decrease of 0.28 percentage points [3] - R&D expenses for Q1-Q3 2025 amounted to 1.015 billion yuan, a year-on-year increase of 15.01% [3] Strategic Initiatives - The company is implementing a "dual pillar + AI" strategy, focusing on consumer electronics, new energy, and humanoid robots [4] - The company has made significant progress in developing key components for AI-based laptops and wearable products, as well as new materials for energy storage battery structures [4] - The company has accelerated the construction of humanoid robot production capacity and increased R&D investment, achieving over 35 million yuan in revenue from overseas humanoid robot parts in the first half of 2025 [4] Earnings Forecast - The revenue forecast for 2025-2027 is adjusted to 187.01 billion yuan, 231.08 billion yuan, and 262.33 billion yuan, representing year-on-year growth of 10.4%, 23.6%, and 13.5% respectively [8] - The net profit forecast for the same period is 698 million yuan, 1.034 billion yuan, and 1.232 billion yuan, with a year-on-year decrease of 9.6% in 2025, followed by increases of 48.2% and 19.1% in 2026 and 2027 respectively [8]