UNILUMIN(SZ:300232) Guoxin Securities·2025-11-09 14:09Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - The company reported a revenue growth of 3.7% year-on-year for the first three quarters, with total revenue reaching 5.623 billion yuan. However, the net profit attributable to shareholders decreased by 1.21% to 126 million yuan [1] - The company is focusing on an "LED + AI" strategy, aiming to build an intelligent scene ecosystem and has developed an AI SOC system based on Huawei's HarmonyOS [2] - A new joint venture, Shenzhen Zhixian Robot Co., Ltd., has been established to enhance the company's capabilities in AI intelligent terminal services [3] - The revenue forecast for 2025-2027 has been adjusted to 8.157 billion, 8.744 billion, and 9.555 billion yuan respectively, with net profits projected at 174 million, 258 million, and 331 million yuan [4] Financial Performance Summary - For the first three quarters, the company achieved a revenue of 5.623 billion yuan, with a gross margin of 27.74%, down 2.83 percentage points year-on-year [1] - The third quarter saw a revenue decline of 2.4% year-on-year, with a significant drop in net profit by 81.64% to 5 million yuan [1] - The company expects a revenue increase of 4.9% for 2024, with a projected net profit growth of 74.4% for 2025 [5]