步科股份（688160）：3Q 业绩好于预期，看好公司受益于机器人产业发展

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a revenue of 510 million RMB for the first three quarters of 2025, representing a year-over-year increase of 28.4%. The net profit attributable to the parent company was 40 million RMB, up 37.5% year-over-year [8][9]. - The company is expected to benefit from the rapid growth in the robotics industry, with significant sales growth in core products such as frameless motors and servo wheels [9]. - The report slightly raises profit forecasts for 2025, 2026, and 2027, projecting net profits of 70 million, 101 million, and 122 million RMB respectively, with corresponding year-over-year growth rates of 43%, 45%, and 20% [9][11]. Company Overview - The company operates in the machinery equipment sector, with a current A-share price of 88.79 RMB and a market capitalization of 7.458 billion RMB [2]. - The major shareholder is Shanghai Bujin Information Consulting Co., Ltd., holding 38.40% of the shares [2]. - The company has a total of 90.83 million shares issued, with 84 million shares being A-shares [2]. Financial Performance - The company achieved a gross margin of 35.2% for the first three quarters of 2025, a slight decrease from the previous year [9]. - The net profit margin for the first three quarters improved to 6.8%, up 1.6 percentage points year-over-year [9]. - The report highlights a significant increase in quarterly revenue for Q3 2025, reaching 200 million RMB, which is a 41.3% increase year-over-year [8][9]. Market Position - The company focuses on the robotics sector, positioning itself as a provider of essential components for robots, which is expected to drive future sales growth [9]. - The report notes that the company has established partnerships with several leading robotics firms, contributing to a 55% year-over-year increase in sales revenue in the robotics industry for the first half of 2025 [9].