IKD(SH:600933) Minsheng Securities·2025-10-31 05:36Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue for the first three quarters of 2025 reached 5.31 billion yuan, a year-on-year increase of 6.7%, with a net profit attributable to shareholders of 900 million yuan, up 20.7% year-on-year [1][2]. - The third quarter of 2025 saw a revenue of 1.86 billion yuan, reflecting a year-on-year growth of 7.9% and a quarter-on-quarter increase of 4.3% [1][2]. - The gross margin for Q3 2025 was 32.6%, an increase of 2.8 percentage points year-on-year, attributed to scale effects and improved utilization rates of overseas factories [2]. - The company is actively expanding its robotics business through both internal development and acquisitions, including the establishment of a wholly-owned subsidiary and the planned acquisition of 71% of Zhuoerbo for 1.12 billion yuan [3]. - A stock incentive plan has been introduced to attract talent and ensure long-term development, with performance targets set for revenue growth in 2025 and 2026 [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a net profit of 320 million yuan, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 2.1% [1][2]. - The revenue target for 2025 is set at no less than 7.1 billion yuan, with a completion rate of 74.8% as of Q3 2025 [2]. Business Development - The company is focusing on the robotics sector, establishing a subsidiary for humanoid and exoskeleton robots, and planning to enhance its capabilities through the acquisition of Zhuoerbo, which is expected to generate 1.05 billion yuan in revenue in 2024 [3]. Investment Outlook - The report forecasts revenues of 8.26 billion yuan, 10.16 billion yuan, and 11.84 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.2 billion yuan, 1.49 billion yuan, and 1.79 billion yuan for the same years [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.16 yuan, 1.45 yuan, and 1.74 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 13 [5].