KangLongDa(SH:603665) NORTHEAST SECURITIES·2025-10-31 12:26Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [5]. Core Insights - The company reported a revenue of 1.056 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 7.11%. The net profit attributable to shareholders was 133 million yuan, a significant turnaround from a loss of 63.98 million yuan in the same period last year [1]. - The increase in net profit is primarily attributed to the operational efficiency gained from the commencement of the Vietnam production base, which has enhanced the company's competitiveness in the international market [2]. - The company is actively exploring new applications in the field of humanoid robot dexterous tendons, leveraging its advanced technology in ultra-high molecular weight polyethylene (UHMWPE) fibers [3]. Financial Summary - For Q3 2025, the company achieved a revenue of 343 million yuan, reflecting a year-on-year growth of 15.15%. The net profit for the quarter was 20.83 million yuan, compared to a loss of 13.85 million yuan in the same quarter last year [1]. - The report projects revenues for 2025, 2026, and 2027 to be 1.331 billion yuan, 2.694 billion yuan, and 3.142 billion yuan respectively, with net profits expected to be 168 million yuan, 233 million yuan, and 302 million yuan [3][11]. - The company’s PE ratios for the projected years are 26, 19, and 15 respectively, indicating a favorable valuation trend [3].