兆威机电（003021）：Q3收入与归母净利润稳健增长

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Insights - The company reported steady growth in revenue and net profit for Q3 2025, with revenue reaching 469 million RMB, a year-on-year increase of 13.65%, and net profit attributable to the parent company at 68 million RMB, up 4.01% year-on-year [1] - For the first three quarters of 2025, the company achieved revenue of 1.255 billion RMB, representing an 18.7% year-on-year increase, and a net profit of 181 million RMB, which is a 13.86% increase year-on-year [1] - The company is expanding its human-shaped robot ecosystem, focusing on the "drive-control-perception" full chain [1] Revenue and Profit Growth - The growth in revenue and profit is primarily driven by the sustained demand in the smart automotive sector [2] - The automotive electronics segment, a traditional core business, is transitioning from precision components to system-level solutions, achieving full coverage in body domain, chassis domain, and intelligent cockpit [2] - The company has established long-term partnerships with leading clients such as Bosch and BYD [2] Profitability and R&D Investment - The gross margin for Q3 2025 was 32.69%, an increase of 0.63 percentage points year-on-year, while the net margin was 14.5%, down 1.35 percentage points year-on-year [3] - The company maintains a high level of R&D investment, with R&D expenses accounting for 9.93% of revenue in Q3 2025, up 2.16 percentage points year-on-year [3] International Expansion and Innovation - The company is accelerating its international capacity layout, with plans to invest up to 100 million USD in a new production base in Thailand to enhance local service and supply chain resilience [4] - The company submitted an application for H-share listing in June 2025 to raise funds for global R&D, capacity expansion, and strategic acquisitions [4] - The company is focusing on collaborative innovation in micro-drives, electronic control, and flexible perception systems [4] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 254 million RMB, 315 million RMB, and 393 million RMB respectively [5] - The company is expected to continue benefiting from its technological accumulation in precision transmission and the ongoing development of innovative products across various fields [5]