NJEC(SH:600699) Guohai Securities·2025-11-05 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown steady revenue growth and improved profitability, with Q3 2025 revenue reaching approximately 15.497 billion yuan, a year-on-year increase of 10.25% [4][5] - The gross profit margin has been increasing, reaching 18.6% in Q3 2025, up 0.23 percentage points from the previous quarter [5] - The company has secured new orders totaling 71.4 billion yuan in the first three quarters of 2025, with Q3 alone contributing 40.2 billion yuan [5] - The robotics business has made significant progress, including a partnership with NVIDIA and a comprehensive collaboration with Alibaba Cloud [5][6] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 45.844 billion yuan, representing an 11.45% year-on-year increase [5] - The net profit attributable to the parent company for Q1-Q3 2025 was 1.12 billion yuan, a 19% increase year-on-year, with Q3 net profit at 413 million yuan, up 35.4% year-on-year [4][5] Business Segments - The automotive safety segment showed significant improvement, with a gross margin of approximately 16.4% for the first three quarters, up 2.4 percentage points year-on-year [5] - The automotive electronics segment maintained a stable gross margin of about 20.8%, an increase of 1.6 percentage points year-on-year [5] Future Projections - The company is expected to achieve revenues of 62.564 billion yuan, 67.316 billion yuan, and 72.656 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12%, 8%, and 8% [8] - The projected net profit for the same years is 1.539 billion yuan, 1.854 billion yuan, and 2.165 billion yuan, with growth rates of 60%, 20%, and 17% respectively [8]