威迈斯（688612）：动态跟踪点评：Q3业绩同比高增，全球化战略持续推进

Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company has shown significant year-on-year growth in Q3, with a 5.45% increase in main business revenue to 4.597 billion yuan and a 43.64% increase in net profit attributable to shareholders to 425 million yuan [1][3]. - The company is a leader in the domestic vehicle power supply sector, with strong R&D capabilities and scale advantages, indicating substantial growth potential as product iterations and overseas customer demand continue to rise [3][6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a main business revenue of 4.597 billion yuan, up 5.45% year-on-year, and a net profit of 425 million yuan, up 43.64% year-on-year [1]. - In Q3 2025, the company reported revenue of 1.638 billion yuan, with a quarter-on-quarter increase of 3.06% and a year-on-year increase of 1.93%. The net profit attributable to shareholders was 153 million yuan, reflecting a quarter-on-quarter increase of 90% [1][6]. - The gross margin and net margin for Q3 2025 were 23.02% and 9.73%, respectively, showing slight decreases from the previous quarter [1]. Product Development and Market Position - The company shipped over 600,000 vehicle power supply products in Q3, maintaining a market share of approximately 24% and ranking first among third-party suppliers [2]. - The fourth-generation vehicle power supply integrated products accounted for over 20% of revenue in Q3 2025, with a strategy of "producing one generation, researching one generation, and pre-researching one generation" to enhance product competitiveness and overall gross margin [2]. - The company plans to invest 190 million yuan in building an electric drive assembly production base, with a construction period of one year [2]. Future Projections - Revenue projections for 2025-2027 are 7.059 billion yuan, 8.567 billion yuan, and 10.080 billion yuan, respectively, with net profits expected to be 657 million yuan, 874 million yuan, and 1.049 billion yuan [3][4]. - The company anticipates significant growth driven by product updates and increasing overseas customer demand, particularly from major European clients launching new vehicle platforms in the coming years [2][3].