Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Insights - The company has experienced pressure on net profit in Q3 2025, with revenue of 1.026 billion yuan, a year-on-year decrease of 6.8% and a quarter-on-quarter decrease of 6.29%. The net profit attributable to the parent company was 29 million yuan, a year-on-year increase of 13.67% but a quarter-on-quarter decrease of 50.94% [8][4]. - The company is strategically positioned in the AI cloud, edge, and endpoint sectors, focusing on embodied intelligent controllers. It has launched various products, including the AI Box and the intelligent controller, which have shown significant progress in the robotics field [3][16]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 2.973 billion yuan, a year-on-year increase of 6.89%, and a net profit of 131 million yuan, a year-on-year increase of 59.30% [8][4]. - The gross margin for Q3 2025 was 18.4%, a year-on-year increase of 2.6 percentage points but a quarter-on-quarter decrease of 9.1 percentage points, primarily due to demand-side disruptions affecting the high-margin intelligent computing business [2][12]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 46.93 billion yuan, 53.27 billion yuan, and 59.60 billion yuan, respectively, with net profits of 2.21 billion yuan, 2.69 billion yuan, and 3.29 billion yuan [4][17]. Business Strategy Summary - The company has initiated a comprehensive layout in AI cloud, edge, and endpoint sectors, providing full lifecycle services for AI computing, including hardware supply and scheduling [3][16]. - The company has made significant advancements in the robotics sector, particularly with the launch of the intelligent controller, which integrates multi-modal perception and high-precision motion control capabilities [3][16].
智微智能（001339）：AI云、边、端全面布局，切入具身智能控制器领域