Xingyu Co.,Ltd(SH:601799) Minsheng Securities·2025-10-30 13:53Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 129.05 CNY on October 30, 2025 [6]. Core Insights - The company reported a revenue of 10.71 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 16.09%. The net profit attributable to shareholders was 1.14 billion CNY, up 16.76% year-on-year [1][2]. - The company has established a strategic partnership with Jeka Robotics to innovate in the field of embodied intelligence, focusing on integrated smart terminals and the application of AI algorithms in automotive components [4]. - The company is a core supplier for Huawei's AITO brand, contributing to its revenue stability through significant sales of the AITO M9 and M8 models, which have seen strong market performance [3]. Revenue and Profitability - In Q3 2025, the company achieved a revenue of 3.95 billion CNY, reflecting a year-on-year growth of 12.65% and a quarter-on-quarter increase of 7.92%. The gross profit margin for Q3 was 19.86%, with a net profit margin of 10.99% [2]. - The company’s operating expenses remained stable, with sales, management, R&D, and financial expense ratios showing minor fluctuations compared to previous periods [2]. Financial Forecast - The company is projected to achieve revenues of 16.01 billion CNY, 19.11 billion CNY, and 22.63 billion CNY for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 1.73 billion CNY, 2.02 billion CNY, and 2.54 billion CNY [5][10]. - The earnings per share (EPS) are forecasted to be 6.07 CNY, 7.06 CNY, and 8.90 CNY for the same years, with price-to-earnings (PE) ratios of 21, 18, and 14, respectively [5][10].