NJEC(SH:600699) ZHESHANG SECURITIES·2025-10-30 14:55Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a significant increase in performance, with a 35% year-on-year growth in net profit for Q3 2025, exceeding expectations [1] - The company has officially launched its H shares for global sale, aiming to establish an international capital platform [2] - The company has secured new orders worth 714 billion yuan in the first three quarters of 2025, with notable contributions from automotive electronics and safety sectors [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 458 billion yuan, a year-on-year increase of 11%, and a net profit of 1.12 billion yuan, up 19% [1] - The gross margin for the first three quarters was 18.3%, an increase of 2.7 percentage points year-on-year, with automotive electronics and safety business margins at 20.8% and 16.4%, respectively [1] - The company forecasts revenues of 645 billion, 665 billion, and 710 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 15.3 billion, 18.3 billion, and 21.6 billion yuan [5] Business Development - The company has initiated a significant procurement contract with Zhiyuan for humanoid robots, marking its entry into the robotics sector with a focus on automotive parts manufacturing [3] - The company has received major orders in its core business, including a 50 billion yuan order for smart driving domain controllers and a 150 billion yuan order for intelligent driving [4] - Cost reduction and efficiency improvement measures are ongoing, with expansions in production facilities and strategic relocations of operations to enhance profitability [4]