新泉股份（603179）：25Q3营收同增15%，拟设立机器人子公司布局机器人业务

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue growth of 15% year-on-year for Q3 2025 and plans to establish a robotics subsidiary to expand into the robotics business [2][11] - The acquisition of a 70% stake in Anhui Ruiqi Automotive Parts Co., which specializes in automotive seats, is expected to open new growth opportunities [3] - The company aims to leverage its existing customer base, including major automotive manufacturers, to enter the robotics industry [3] Financial Summary - Revenue projections for 2025-2027 are estimated at 163 billion, 197 billion, and 236 billion CNY, with year-on-year growth rates of 23%, 21%, and 20% respectively, resulting in a CAGR of 21% [4] - Net profit forecasts for the same period are 10.3 billion, 13.0 billion, and 17.1 billion CNY, with growth rates of 5%, 27%, and 31% respectively, also achieving a CAGR of 21% [4] - The company’s P/E ratios are projected to be 38X, 30X, and 23X for 2025, 2026, and 2027 respectively [4] Recent Performance - In Q3 2025, the company achieved a revenue of 39.5 billion CNY, a year-on-year increase of 14.9%, while net profit decreased by 27.1% to 2.0 billion CNY due to price reductions and increased management and R&D expenses [11] - The gross margin for Q3 2025 was reported at 15.6%, down 5.7 percentage points year-on-year [11]