FULIN. PM(SZ:300432) Changjiang Securities·2025-11-28 15:25Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.272 billion yuan in Q3 2025, representing a year-on-year increase of 43.0% and a quarter-on-quarter increase of 5.0%. The net profit attributable to shareholders was 151 million yuan, down 15.8% year-on-year but up 197.0% quarter-on-quarter. The non-recurring net profit was 139 million yuan, up 6.7% year-on-year and up 265.7% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.272 billion yuan, with a year-on-year growth of 43.0% and a quarter-on-quarter growth of 5.0%. The net profit attributable to the parent company was 151 million yuan, reflecting a year-on-year decline of 15.8% but a significant quarter-on-quarter increase of 197.0%. The non-recurring net profit was 139 million yuan, showing a year-on-year increase of 6.7% and a quarter-on-quarter increase of 265.7% [2][4]. Business Segments - The automotive parts business showed stable revenue growth in Q3 2025, with expected steady increases in profitability. The iron-lithium business is anticipated to see an increase in shipments both year-on-year and quarter-on-quarter due to downstream customer demand and capacity expansion. The company reported an operating cash inflow of 174 million yuan and capital expenditures of 226 million yuan, with inventory rising to 1.36 billion yuan [11]. Strategic Developments - The company is expanding its iron-lithium production capacity through its subsidiary, Jiangxi Shenghua, which is investing in a new project with an annual capacity of 350,000 tons of high-density lithium iron phosphate, with a total investment of 4 billion yuan. This project is expected to enhance the company's market share in the iron-lithium sector [11]. Future Outlook - The company is expected to achieve over 100% growth in shipments by 2026, driven by capacity expansion and cooperative agreements. The profitability in the iron-lithium segment is on a recovery trend, supported by increased high-density product ratios and reduced costs of lithium dihydrogen phosphate. The robotics business is also showing promising developments, indicating significant future potential [11].