LSKJ(SZ:300680) 汽车琰究·2025-10-21 14:59Event Overview - The company released its Q3 2025 report, showing revenue of 1.81 billion yuan for the first three quarters, a year-on-year increase of 10.13%. The net profit attributable to shareholders was 210 million yuan, up 36.89% year-on-year, while the non-recurring profit was 130 million yuan, down 13.53% year-on-year. In Q3 2025, revenue was 586 million yuan, a year-on-year increase of 0.48% but a quarter-on-quarter decrease of 5.28%. The net profit attributable to shareholders was 106 million yuan, up 109.83% year-on-year and 129.13% quarter-on-quarter, while the non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter [2]. Revenue and Profit Analysis - Revenue remained stable with Q3 2025 revenue at 586 million yuan, showing a year-on-year increase of 0.48% and a quarter-on-quarter decrease of 5.28% [3] - The net profit attributable to shareholders for Q3 2025 was 106 million yuan, reflecting a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13%. The non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter. The gross margin for Q3 2025 was 15.23%, a decrease of 2.68 percentage points year-on-year and 2.78 percentage points quarter-on-quarter [3] - The increase in net profit and net profit margin year-on-year was primarily driven by non-recurring gains, with fair value changes contributing 87 million yuan [3] Strategic Collaborations - The company is collaborating closely with Nidec to develop a new blueprint for the new energy and humanoid robot industries, focusing on "technology empowerment + capacity collaboration + market resonance." This partnership aims to analyze technological iteration trends and global market demand changes in key components of new energy vehicles [4] - In the field of humanoid robot harmonic reducers, the company and Nidec have engaged in in-depth discussions on technology development, capacity expansion, and processing business collaboration, aiming for further cooperation to meet growth demands in humanoid, collaborative, and industrial robots [4] Investment in Technology - In July 2025, the company made a strategic investment in Shenzhen Diedong Technology Co., Ltd., which has a core team from prestigious universities. Diedong Technology has developed the world's first high-performance visual tactile sensor using MEMS technology. This collaboration is expected to create a synergistic effect between hardware and perception, enhancing applications in robotic end-effectors and dexterous hands [5] Financial Projections - The company maintains a solid position as a leader in EGR, forming a three-dimensional driving pattern of "traditional business + new energy business + international layout." Revenue projections for 2025-2027 are 3.23 billion, 4.08 billion, and 5.07 billion yuan, with net profits of 303 million, 381 million, and 529 million yuan respectively. The expected EPS for these years is 1.33, 1.67, and 2.32 yuan, corresponding to PE ratios of 40, 32, and 23 times based on the closing price of 53.66 yuan per share on October 20, 2025 [6][8]