Dongguan Securities·2025-11-04 08:47Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company achieved rapid growth in Q3 2025, with revenue reaching 123.01 billion yuan, a year-on-year increase of 24.88%, and a net profit of 11.56 billion yuan, up 35.80% year-on-year [4]. - The company is accelerating its globalization strategy, with overseas revenue of 138.15 billion yuan in H1 2025, representing a 14.66% increase and accounting for 55.58% of total revenue [4]. - The company plans to issue H-share convertible bonds to raise up to 6 billion yuan, with 50% of the net proceeds allocated to support its global development strategy [4]. - The company has developed three new humanoid robots and is enhancing its intelligent robotics capabilities, which are expected to drive new growth [4]. Financial Summary - For the first three quarters of 2025, the company reported total revenue of 371.56 billion yuan, a year-on-year increase of 8.06%, and a net profit of 39.20 billion yuan, up 24.89% year-on-year [4]. - The gross margin for Q3 2025 was 28.00%, a decrease of 0.52 percentage points year-on-year, while the net margin was 9.80%, an increase of 0.15 percentage points year-on-year [4]. - The company forecasts EPS of 0.57 yuan, 0.72 yuan, and 0.86 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14x, 12x, and 10x [4][6].