RTGF(SH:605133) ZHESHANG SECURITIES·2025-11-02 11:42Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company has shown steady revenue growth with Q3 revenue at 760 million yuan, a year-over-year increase of 25% and a quarter-over-quarter increase of 11%. The net profit attributable to the parent company for Q3 was 50 million yuan, up 26% year-over-year and 2% quarter-over-quarter. The gross margin for the quarter was 23.2%, an increase of 1.2 percentage points from the previous quarter [1] - The company has acquired a 51% stake in Zhongshan Aoduo, which is expected to contribute 560 million yuan in revenue and an 8% net profit margin in 2024. The production capacity is gradually ramping up at the second phase of the Yangzhou die-casting plant and the second phase in Mexico [1][2] - The company is positioned as a leader in lightweight materials and has a comprehensive layout in the robotics industry, with significant progress in metal shell production and partnerships with leading domestic robotics companies [2] Financial Summary - For the first three quarters, the company reported revenue of 2.09 billion yuan, a year-over-year increase of 19%, and a net profit of 150 million yuan, up 17% year-over-year. The gross margin for this period was 22.3%, a decrease of 1.3 percentage points year-over-year. The net cash flow from operating activities was 300 million yuan, an increase of 69% year-over-year [1] - The forecast for revenue from 2025 to 2027 is 2.82 billion yuan, 3.39 billion yuan, and 4.09 billion yuan, respectively, with a compound annual growth rate (CAGR) of 20.4%. The net profit attributable to the parent company is expected to be 230 million yuan, 310 million yuan, and 390 million yuan, respectively, with a CAGR of 30.2% [2][3]