怡合达（301029）：盈利能力持续修复，效率提升进行时

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company reported a revenue of 2.197 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.30%, and a net profit attributable to shareholders of 417 million yuan, up 27.16% year-on-year [2][7] - In Q3 2025, the company achieved a revenue of 736 million yuan, a year-on-year increase of 17.52%, and a net profit of 136 million yuan, up 28.59% year-on-year [2][7] - The gross margin for Q3 reached 40.22%, indicating a recovery in profitability and effective cost control [14] - The company is focusing on enhancing operational efficiency, with a 9% year-on-year increase in order processing volume and a 15% increase in total shipment items [14] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.197 billion yuan and a net profit of 417 million yuan, with Q3 figures showing 736 million yuan in revenue and 136 million yuan in net profit [2][7] - The gross margin for Q3 was reported at 40.22%, reflecting improvements in profitability [14] Business Segments - The lithium battery segment contributed significantly to revenue growth, with a 52% year-on-year increase, while the 3C mobile phone segment saw a decline of 7% [14] - The automotive sector grew by 47%, and the semiconductor sector increased by 22% year-on-year [14] Operational Efficiency - The company processed approximately 1.33 million orders in the first three quarters, marking a 9% increase year-on-year, and shipped around 4.82 million items, a 15% increase [14] - The company has expanded its customer base to approximately 39,400, an increase of about 4,900 compared to the same period last year [14] Strategic Initiatives - The company is advancing its one-stop procurement service and has made significant progress in the automation of its FB business, improving quotation speed from hours to seconds [14] - The company is also expanding its global presence, with overseas revenue reaching 5.1818 million yuan in the first half of 2025, a 126% increase year-on-year [14]