DFDR(SZ:300217) SINOLINK SECURITIES·2025-10-30 01:58Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported a revenue of 2.585 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9%, with a net profit attributable to the parent company of 123 million yuan, down 53% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 840 million yuan, representing a year-on-year increase of 6% but a quarter-on-quarter decrease of 22% [2]. - The gross profit margin for the first three quarters of 2025 was 17.6%, down 5 percentage points year-on-year, while the net profit margin attributable to the parent company was 4.7%, down 4.5 percentage points year-on-year [3]. Business Segments - Home Appliance Heating Components: The company is adjusting its product and sales structure to maintain stable operations, with plans to expand into foreign trade clients like Samsung and LG, which may enhance profit margins [4]. - New Energy Vehicle Components: This segment continues to grow rapidly, with saturated orders and new production lines being established, alongside the development of smart cockpit products to increase vehicle value [4]. - New Energy Equipment: The company is actively pursuing transformation and upgrading, achieving commercial application of a 6kV molten salt energy storage heater, and has signed nearly 100 million yuan in orders in the first half of the year [4]. - Pre-plated Nickel Materials: The company maintains a supply of around 2,000 tons per month and is developing additional clients [4]. - Robotics: The company is preparing for mass production of flexible fabric pressure sensing products and exploring other technological avenues [4]. Profit Forecast and Valuation - The company is expected to see net profits attributable to the parent company of 180 million yuan, 250 million yuan, and 300 million yuan for the years 2025 to 2027, respectively [5].