Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 86 million yuan in Q3 2025, representing a year-on-year increase of 8.12%, while the net profit attributable to shareholders was 14 million yuan, up 2.28% year-on-year [5][6] - The company is accelerating its globalization strategy by increasing investment in its wholly-owned subsidiary EC Precision (Germany) GmbH by up to 7.9 million euros [5][8] - The company focuses on the automotive precision metal parts sector, with a steady growth in its main business, including significant contributions from new energy vehicles and traditional fuel vehicles [6][7] Financial Performance - In H1 2025, the company reported a revenue of 166 million yuan, a 6.57% increase year-on-year, with new energy vehicles, general vehicles, and traditional fuel vehicles contributing 69 million, 38 million, and 43 million yuan respectively [6] - The gross margin for Q3 2025 was 31.62%, showing a slight decrease of 0.39 percentage points year-on-year [6] - The company forecasts revenues of 352 million, 429 million, and 508 million yuan for 2025, 2026, and 2027 respectively, with net profits projected at 57 million, 69 million, and 83 million yuan for the same years [11][13] Strategic Initiatives - The company is deepening its global strategy by establishing subsidiaries for surface treatment and forming a joint venture in Slovenia to meet local supply demands [8] - The company is focusing on developing new manufacturing processes for harmonic reducer flexible wheels to reduce production costs, which is expected to enhance its competitive edge [9][10] - The company has established strong relationships with leading global clients, ensuring a stable order flow and enhancing its market position [9]
易实精密（920221）：2025Q3业绩稳中有升，加速推进全球化战略