Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Views - The company reported a revenue of 1.002 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.44%. However, the net profit attributable to shareholders decreased by 6.67% to 101 million yuan [1][5]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles and the rapid iteration of customer vehicle technologies, which has led to an increase in unit product demand [1]. - The company is actively expanding its new energy and liquid cooling businesses, with ongoing projects in Jiangsu, Wuhu, and Chongqing, indicating a positive trend in order acquisition [2]. - Research and development expenses reached 573 million yuan, a year-on-year increase of 27.8%, accounting for 5.7% of revenue, reflecting the company's commitment to enhancing its core competitive advantages [2]. Financial Summary - For 2025, the company is expected to achieve revenues of 1.526 billion yuan, 1.926 billion yuan, and 2.383 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 157 million yuan, 199 million yuan, and 249 million yuan [2][4]. - The projected revenue growth rates for the next few years are 22.9% for 2025, 26.2% for 2026, and 23.7% for 2027 [4]. - The earnings per share (EPS) is forecasted to be 1.01 yuan in 2025, increasing to 1.28 yuan in 2026 and 1.60 yuan in 2027 [4].
溯联股份（301397）：前三季度营收稳增，新能源、液冷持续扩张