NJEC(SH:600699) Guoxin Securities·2025-11-08 07:26Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][70]. Core Insights - The company achieved a net profit of 410 million yuan in Q3 2025, representing a year-on-year increase of 35% [1][9]. - For the first three quarters of 2025, the company reported revenue of 45.844 billion yuan, up 11.45% year-on-year, and a net profit of 1.12 billion yuan, an increase of 18.98% year-on-year [1][9]. - The company has a robust order book, with new orders totaling approximately 40.2 billion yuan in Q3 2025 and 71.4 billion yuan for the first three quarters [2][36]. - The company is actively expanding its automotive electronics and robotics key component business, positioning itself as a "Tier 1" supplier in the automotive and robotics sectors [3][58]. Financial Performance - In Q3 2025, the company's revenue was 15.497 billion yuan, a 10.25% increase year-on-year, while the net profit was 4.13 billion yuan, up 35.40% year-on-year [1][9]. - The gross margin for Q3 2025 was 18.6%, an increase of 2.9 percentage points year-on-year, while the net margin was 2.9%, a slight decrease of 0.1 percentage points year-on-year [1][11]. - The company’s operating expenses increased, with the four expense rates at 14.59% in Q3 2025, up 3.3 percentage points year-on-year [17]. Order and Business Development - The company secured new orders in the automotive safety and electronics sectors, with significant contributions from leading domestic brands and new energy vehicle manufacturers [2][36]. - The company is focusing on the development of automotive intelligent solutions, including central computing units and smart cockpit products, with expected lifecycle order values of approximately 150 billion yuan and 50 billion yuan, respectively [2][44]. Future Outlook - The report forecasts revenue for 2025-2027 to be 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan, respectively, with net profits projected at 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [4][70]. - The company is enhancing its technological capabilities in the fields of intelligent driving, smart cockpit, and new energy management systems, aiming to maintain a competitive edge in the market [40][47].