美力科技（300611）：公司信息更新报告：短期费用扰动Q3利润，全球化布局加速未来可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.413 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 25.6%, while the net profit attributable to shareholders was 117 million yuan, up 50.6% year-on-year. In Q3 alone, revenue reached 513 million yuan, a 26.1% increase year-on-year and a 6.2% increase quarter-on-quarter. The net profit for Q3 was 36 million yuan, reflecting an 18.0% year-on-year increase but a 21.6% decrease quarter-on-quarter [6][7] - The company is accelerating its global expansion, with a recent announcement to acquire 100% of Hitched Holdings 3 B.V., which will enhance its presence in the automotive towing systems market. This acquisition is expected to significantly broaden the company's growth potential [8] Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 24.5% and net margin was 8.5%, both showing improvements year-on-year. The Q3 net margin was 7.6%, down 2.0 percentage points from the previous quarter, primarily due to increased management expenses from the integration of the German subsidiary AHLE and an employee stock ownership plan [6][7] - The company expects to achieve net profits of 190 million, 270 million, and 320 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.92, 1.27, and 1.51 yuan per share. The current stock price corresponds to PE ratios of 36.7, 26.6, and 22.4 for the years 2025 to 2027 [6][9] Growth Prospects - The company is focusing on enhancing its technological capabilities in the high-end suspension sector through acquisitions, and it is also developing projects for the production of intelligent suspension systems and electric/hydraulic drive components. This positions the company to tap into both mature markets in Europe and emerging markets in China [8][9]