KSHG(SH:605333) 汽车琰究·2025-10-28 12:11Event Overview - The company released its Q3 2025 report, showing revenue of 5.838 billion yuan for the first three quarters, a year-on-year increase of 5.54%. The net profit attributable to shareholders was 425 million yuan, a decrease of 3.10% year-on-year, while the net profit excluding non-recurring items was 410 million yuan, down 2.94% year-on-year. In Q3 2025, revenue was 2.209 billion yuan, up 4.47% year-on-year and 5.82% quarter-on-quarter. The net profit excluding non-recurring items was 142 million yuan, down 20.07% year-on-year and 20.39% quarter-on-quarter [2][3]. Revenue Performance - In Q3 2025, the company's revenue reached 2.209 billion yuan, reflecting a year-on-year growth of 4.47% and a quarter-on-quarter increase of 5.82%. The sales volume of the company's client, Seres, reached 121,384 vehicles, marking an increase of 8.74% year-on-year and 11.18% quarter-on-quarter, contributing to the revenue growth [3]. Profitability Analysis - The net profit attributable to shareholders in Q3 2025 was 148 million yuan, down 19.10% year-on-year and 19.08% quarter-on-quarter. The gross margin was 15.45%, decreasing by 5.05 percentage points year-on-year and 1.18 percentage points quarter-on-quarter. The net margin was 6.72%, down 1.96 percentage points year-on-year and 2.07 percentage points quarter-on-quarter, attributed to high base effects and a decline in capacity utilization [3]. Expense Management - In Q3 2025, the expense ratios for sales, management, R&D, and financial expenses were 0.42%, 2.50%, 4.06%, and 0.55%, respectively. Year-on-year changes were -0.17, -0.79, +1.06, and -0.14 percentage points, while quarter-on-quarter changes were +0.09, -0.08, +0.85, and -0.03 percentage points. The increase in R&D expense ratio was due to strategic expansion investments, while other expenses showed normal fluctuations [3]. Customer Expansion and Business Development - The company is successfully expanding its customer base beyond Seres, with new projects from clients like Ledao and Shangjie entering the ramp-up phase, which is expected to drive revenue growth. The H5 model from Shangjie was launched in September, achieving sales of 1,901 units in its first month. Ledao's L90 model has seen strong orders, with cumulative deliveries exceeding 30,000 units as of October 25, 2025. The company is also extending its supply chain into the connector business, with high-voltage connector products already adopted by major clients [4]. Innovation and Business Layout - The company is actively exploring new applications for harnesses, achieving significant results in the robotics sector. In April 2025, the first sample line for humanoid robots was successfully completed. In August, a wholly-owned subsidiary was established, and the company received authorization for the ZhiYuan robot VAP. The company is also expanding into new industries such as drones and autonomous vehicles, successfully securing orders in aviation and completing projects for unmanned lawnmowers [5]. Future Outlook - The company has a robust order backlog and is extending its connector supply chain to enhance value-added services, aiming to create a second growth driver for revenue. Revenue projections for 2025-2027 are 9.13 billion, 11.05 billion, and 13.26 billion yuan, with net profits of 710 million, 870 million, and 1.06 billion yuan, respectively. Corresponding EPS estimates are 1.52, 1.88, and 2.27 yuan, with PE ratios of 22, 18, and 15 times [6][8].