星宇股份（601799）：业务稳健增长，布局机器人新业务

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company has shown steady growth in its business and is expanding into the robotics sector through a strategic partnership with Jieka Co., focusing on embodied intelligence and smart manufacturing [7] - For the first three quarters of 2025, the company achieved a revenue of 10.71 billion yuan, a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 1.14 billion yuan, up 16.8% year-on-year [4][7] - The company is a leading supplier of automotive lighting systems in China, and with the development of automotive intelligence, the value of lighting systems is expected to steadily increase [7] Financial Summary - Revenue and profit have both increased, with the third quarter gross margin reaching 19.9%, a 0.2 percentage point increase from the previous quarter [7] - The company has adjusted its net profit forecasts for 2025-2027 to 1.66 billion, 2.08 billion, and 2.49 billion yuan respectively [7] - The projected revenue for 2025 is 15.86 billion yuan, with a year-on-year growth of 19.7% [6] - The company’s net profit margin is projected to be around 10.4% in 2025, with a return on equity (ROE) of 14.6% [6]