KDL(SZ:002850) Huaan Securities·2025-10-30 06:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with a year-on-year revenue increase of 23.4% to 10.6 billion yuan and a net profit attributable to the parent company of 1.18 billion yuan, up 16.6% year-on-year [4] - The gross margin improved in Q3 2025, reaching 23.7%, reflecting strong cost control capabilities [5] - The company is actively expanding into the humanoid robot joint assembly and dexterous hand business, establishing partnerships to enhance its product offerings [6] - Future profit projections for 2025-2027 are 1.76 billion, 2.26 billion, and 2.69 billion yuan, respectively, with a maintained "Buy" rating [7] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 3.96 billion yuan, a 25.8% increase year-on-year, and a net profit of 415 million yuan, up 12.8% year-on-year [4] - The gross margin for Q3 2025 was 23.7%, with a notable increase in R&D expense ratio due to investments in new fields like robotics [5] - The company is projected to have revenues of 12.03 billion, 15.53 billion, 19.83 billion, and 23.72 billion yuan from 2024 to 2027, with corresponding net profits increasing from 1.47 billion to 2.69 billion yuan [10]