Investment Rating - The report maintains a "Buy" investment rating for the company [1][7] Core Insights - The company reported Q3 2025 revenue of 290 million yuan, a year-over-year increase of 42.1%, and a net profit attributable to shareholders of 45.05 million yuan, up 32.4% year-over-year [3][4] - The actuator business is identified as a key growth driver, benefiting from the trend towards automotive electrification, with actuator revenue growing by 77.4% year-over-year [5] - The company is expanding into humanoid robots and liquid cooling sensor markets, leveraging its strong foundation in temperature sensor technology [6] Financial Performance - Q3 2025 gross margin was 33.0%, showing a year-over-year decrease of 0.9 percentage points but a quarter-over-quarter improvement of 1.5 percentage points [4] - The company’s operating expenses as a percentage of revenue were 12.3%, with R&D expenses increasing due to a rise in technical staff and related compensation [4] - Revenue projections for 2025-2027 are 1.17 billion, 1.48 billion, and 1.87 billion yuan respectively, with net profits of 196 million, 252 million, and 315 million yuan [7][9] Market Position and Growth Potential - The actuator segment is expected to experience explosive growth due to increasing applications in electric vehicles, including new configurations like hidden door handles and electronic locks [5] - The company has established partnerships to develop products for humanoid robots and data center cooling solutions, indicating a strategic expansion into high-potential markets [6]
开特股份（920978）：25Q3业绩超预期，人形机器人、液冷传感器产品进展顺利