Hanwei Electronics(SZ:300007) Zhongyuan Securities·2025-11-05 08:40Investment Rating - The report maintains an "Increase" rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][20]. Core Insights - The company reported a revenue of 1.702 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.44%. The net profit attributable to shareholders was 85 million yuan, up 6.33% year-on-year, while the non-recurring net profit surged by 56.27% to 38 million yuan [6][9]. - The company is continuously enhancing its product matrix in embodied intelligent sensors and has achieved small-scale supply of electronic skin products. It has developed a diverse range of sensors, including flexible tactile sensors and odor sensors, which provide various perception solutions for robotic intelligence [8][9]. - The smart instrument business is expanding its product line by integrating cutting-edge technologies such as ultrasound and laser, thereby improving market competitiveness. The company has seen significant sales growth in its gas meter products due to technological advantages and favorable policies [8][9]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 31.08%, an increase of 1.33% year-on-year. The net profit margin was 4.99%, up 0.78% year-on-year [8]. - The company has increased its R&D investment, with R&D expenses reaching 162 million yuan, a year-on-year growth of 5.7% [8]. - Revenue projections for 2025 to 2027 are estimated at 2.539 billion yuan, 2.851 billion yuan, and 3.185 billion yuan, respectively, with corresponding net profits of 114 million yuan, 139 million yuan, and 165 million yuan [9][10].