征和工业（003033）：业绩持续向好，进军机器人领域

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company reported a revenue of 1.932 billion yuan for 2025, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 175 million yuan, up 33.72% [5] - The company has successfully expanded its product lines and markets, including entering the Thai supply chain through the acquisition of DDC and achieving significant milestones in various sectors [6][7] - The company has strengthened its brand value and market competitiveness by collaborating with international design firms and participating in global racing events [7] - The company is advancing into the robotics sector, having filed 106 patents in 2025, with key innovations in humanoid robotics [8] Financial Performance - The company expects revenues of 2.209 billion yuan in 2026, 2.503 billion yuan in 2027, and 2.818 billion yuan in 2028, with respective growth rates of 14.3%, 13.34%, and 12.56% [9][11] - The projected net profit for 2026 is 196 million yuan, with a growth rate of 11.94%, and for 2027, it is expected to be 242 million yuan, growing by 23.49% [9][11] - The company's overall gross margin improved to 22.87% in 2025, with specific segments showing varied performance [6]