Enpower(SZ:300681) Guoxin Securities·2025-11-17 11:37Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Insights - The company achieved a revenue of 990 million yuan in Q3 2025, representing a year-on-year growth of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders reached 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [1][9]. - The company has established long-term partnerships with major automotive manufacturers in the new energy vehicle sector, including GAC Honda, Dongfeng Nissan, and Geely, among others [29]. - The company is actively expanding its presence in the low-altitude economy, collaborating with EHang and other firms to develop eVTOL aircraft and related technologies [2][44]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 16.5%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 1.5 percentage points. The net profit margin for the same quarter was 11.3%, up 8.5 percentage points year-on-year and 8.1 percentage points quarter-on-quarter [13]. - For the first three quarters of 2025, the company reported a total revenue of 2.36 billion yuan, a year-on-year increase of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [9]. Market Position and Strategy - The company is one of the few domestic leaders with independent R&D and production capabilities in both electric drive systems and power systems for the new energy sector [1][24]. - The company has successfully penetrated various segments, including passenger vehicles, commercial vehicles, and non-road vehicles, with significant partnerships established across these sectors [29][42]. Product Development and Innovation - The company has developed a comprehensive product matrix for new energy vehicles, including powertrains and electric drive systems, with a focus on high efficiency and lightweight designs [33][39]. - The "integrated chip" technology has been highlighted as a key innovation, enhancing the performance and competitiveness of the company's products in the market [38][44]. Future Outlook - The revenue forecast for 2025-2027 has been revised upwards to 3.21 billion, 4.03 billion, and 4.89 billion yuan, respectively, reflecting the expected increase in sales from key automotive clients and expansion into overseas markets [3][53]. - The company aims to become a leading provider of integrated solutions in the new energy power domain, leveraging its advanced manufacturing capabilities and strong R&D team [30][53].