SHUANGHUAN COMPANY(SZ:002472) 东吴汽车黄细里团队·2025-10-29 14:25Core Viewpoint - The company reported its Q3 2025 results, showing a decline in revenue but an increase in net profit, indicating stable operational performance despite market challenges [3][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 6.466 billion yuan, a year-on-year decrease of 4.10%, while net profit attributable to shareholders was 899 million yuan, a year-on-year increase of 21.73% [3]. - In Q3 2025, the company recorded revenue of 2.237 billion yuan, down 7.56% year-on-year but up 3.37% quarter-on-quarter, with a net profit of 321 million yuan, reflecting a year-on-year growth of 21.22% and a quarter-on-quarter increase of 6.68% [3][4]. Market Dynamics - The domestic narrow definition of new energy passenger car wholesale reached 3.9831 million units in Q3 2025, a quarter-on-quarter increase of 10.68%, with A0-level and above pure electric wholesale at 2.0938 million units, up 17.42% [4]. - The company is positioned as a leader in electric drive gears, benefiting from the ongoing electrification of the automotive market [5]. Cost and Profitability - The gross margin for Q3 2025 was 26.84%, a slight decrease of 0.44 percentage points quarter-on-quarter [4]. - The net profit margin for Q3 2025 was 14.36%, an increase of 0.44 percentage points quarter-on-quarter [4]. Business Segments - The company has expanded its precision reducer business for industrial robots, achieving full coverage of reducers needed for 6-1000KG industrial robots, which is expected to drive revenue growth in this segment [5]. - The establishment of Huan Drive Technology and the acquisition of San Duo Le are aimed at enhancing the company's presence in the consumer gear market [5]. Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025-2027 to 1.269 billion yuan, 1.540 billion yuan, and 1.866 billion yuan, respectively, maintaining a "buy" rating [6].