Haoneng(SH:603809) ZHONGTAI SECURITIES·2025-11-02 13:12Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to see significant growth in revenue and profit, driven by the acceleration of new business segments such as differential gears and robotics [10][11] - The company has made substantial investments in R&D, particularly in robotics and new energy vehicle components, indicating a strong growth outlook [10][11] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 270 million yuan, up 9.1% year-on-year [5] - For Q3 2025, revenue reached 640 million yuan, reflecting a year-on-year growth of 16.3% [5][10] Business Segments - The differential gear business is accelerating towards profitability, with revenues projected to grow significantly in 2023 and 2024, with year-on-year growth rates of 124.5% and 72.8% respectively [6] - The company is expanding its product offerings in the new energy vehicle transmission system, with the coaxial reducer expected to enter mass production in 2025 [7][8] Robotics Sector - The demand for robotics is anticipated to surge, with the company positioning itself in the high-precision reducer market for robotic applications [9] - The company has established a comprehensive product line for robotics, including high-precision planetary reducers and new types of cycloidal reducers, which are already being applied in various robotic fields [10] Future Projections - The company's net profit forecasts for 2025-2027 have been adjusted to 356 million yuan, 450 million yuan, and 603 million yuan, respectively, with year-on-year growth rates of 11%, 26%, and 34% [11] - The expected P/E ratios for the upcoming years are projected to decrease from 35x in 2025 to 21x in 2027, indicating a favorable valuation outlook as the company enters a performance release phase [11]