MOONS’(SH:603728) Changjiang Securities·2025-11-14 15:03Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company achieved rapid revenue and performance growth in Q3 2025, benefiting from the recovery in domestic and international demand. Both domestic and overseas revenues from the motor and drive system business increased, with significant recovery in overseas revenue driven by the capacity release of the Vietnam subsidiary. Revenue growth also led to an improvement in gross profit margin, resulting in enhanced profitability [2][11] - In Q3 2025, the company reported revenue of 729 million, a year-on-year increase of 28.98%, and a net profit attributable to the parent company of 23 million, a year-on-year increase of 215.97% [5][11] - The company's overall gross profit margin remained at a good level, with a gross margin of 35.99% for the first three quarters of 2025, a decrease of 1.66 percentage points year-on-year. The net profit margin improved year-on-year to 2.47% [11] - The robotics business is expected to maintain growth, with the company focusing on logistics, surgical robots, commercial service robots, and humanoid robots. The revenue from the robotics application segment continued to grow steadily, with a year-on-year increase of approximately 20% in H1 2025 [11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.043 billion, a year-on-year increase of 11.66%, and a net profit of 50 million, a year-on-year increase of 5.43%. In Q3 2025, revenue reached 729 million, a year-on-year increase of 28.98%, and net profit was 23 million, a year-on-year increase of 215.97% [5][11] - The company maintained a gross margin of 37.77% in Q3 2025, a slight decrease of 0.21 percentage points year-on-year, while the net profit margin improved to 3.18%, an increase of 1.83 percentage points year-on-year [11] Business Outlook - The company is continuing to optimize its product structure and is launching higher value-added new products, which is expected to further improve the overall gross margin [11] - The company is strategically positioning itself to capture core domestic customers in H2 2025, with the potential for breakthroughs in key customer relationships [11]