NJEC(SH:600699) Huaan Securities·2025-11-05 09:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance exceeded expectations, with rapid development in robotics and intelligent driving businesses [1] - Revenue for the first three quarters reached 45.844 billion yuan, a year-on-year increase of 11.45%, while net profit attributable to shareholders was 1.12 billion yuan, up 18.98% year-on-year [4] - The company achieved a gross margin of 18.6% in Q3, an increase of 2.9 percentage points year-on-year, indicating significant improvement in profitability [5] Financial Performance - Q3 single-quarter revenue was 15.497 billion yuan, a year-on-year increase of 10.25%, with net profit attributable to shareholders at 413 million yuan, up 35.40% year-on-year [4] - The company’s gross margin for automotive safety business improved significantly, reaching 17.2% in Q3 [5] - The company’s new orders in Q3 amounted to approximately 40.2 billion yuan, with a total of about 71.4 billion yuan in new orders for the first three quarters [6] Strategic Development - The company has a clear strategy to integrate "automotive + robotics," with comprehensive layout in core components for humanoid robots [6] - Strategic cooperation agreements have been signed with leading robotics companies, enhancing collaboration in core technology and customized development [6] - The company is increasing investment in R&D for intelligent driving and robotics, while optimizing production capacity and organizational structure in Europe and the U.S. [5] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 1.543 billion yuan, 1.921 billion yuan, and 2.257 billion yuan for the years 2025 to 2027, respectively [7] - Corresponding P/E ratios for 2025 to 2027 are projected to be 27x, 22x, and 18x [7]