Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook on its development in the robotics sector [1]. Core Views - The company achieved operating revenue of 538 million yuan in the first three quarters of 2025, a year-on-year decrease of 1.7%, while the net profit attributable to shareholders was 118 million yuan, a year-on-year increase of 0.7% [1][6]. - The company's products have gained recognition from both domestic and international clients, establishing itself as a leading manufacturer in the needle bearing industry, with partnerships with notable companies such as Bosch and ZF [6]. - The investment suggestion anticipates earnings per share of 1.01 yuan and 1.14 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 30 and 26 [6][7]. Financial Performance Summary - For the first three quarters of 2025, the company's gross profit margin was 36.79%, a decrease of 1.75 percentage points compared to the same period last year [6]. - The company reported a decline in quarterly revenue for Q3 2025, with a revenue of 180 million yuan, down 4.32% year-on-year and 3.23% quarter-on-quarter, and a net profit of 36 million yuan, down 17.75% year-on-year and 25.00% quarter-on-quarter [6]. - The company maintained good cost control, with total expense ratios decreasing to 6.47%, a year-on-year decrease of 1.40 percentage points [6].
苏轴股份（920418）：2025年三季报点评：看好公司在机器人赛道发展