YINLUN(SZ:002126) 东吴汽车黄细里团队·2025-10-29 14:25Core Viewpoint - The company reported its Q3 2025 results, showing a revenue of 11.057 billion yuan and a net profit of 672 million yuan, indicating a year-on-year growth of 20.12% and 11.18% respectively, with Q3 alone achieving a revenue of 3.890 billion yuan, a 27.38% increase year-on-year [3][4]. Financial Performance - For Q3 2025, the company achieved a revenue of 3.890 billion yuan, reflecting a quarter-on-quarter growth of 3.69% [4]. - The gross margin for Q3 2025 was 19.39%, an increase of 0.64 percentage points from the previous quarter [4]. - The net profit for Q3 2025 was 230 million yuan, with a net profit margin of 5.92%, slightly down by 0.18 percentage points from the previous quarter [4]. Market Trends - The domestic heavy truck sales reached 277,500 units in Q3 2025, a slight increase of 3.39% quarter-on-quarter [4]. - The narrow definition of new energy passenger car wholesale reached 3.9831 million units, up 10.68% quarter-on-quarter [4]. - The overall passenger car wholesale reached 7.5362 million units, reflecting a quarter-on-quarter growth of 7.63% [4]. Strategic Development - The company is focusing on the development of a global R&D system, particularly in the field of new energy vehicle thermal management, with a comprehensive product layout of "1+4+N" [5]. - The company is expanding its international presence by promoting production and technical service platforms in overseas markets to better serve global customers [5]. - The new energy thermal management business covers notable clients such as CATL, Geely, NIO, and XPeng, benefiting from customer development dividends [5]. Profit Forecast and Investment Rating - The profit forecast for the company has been adjusted for 2025-2027, with expected net profits of 971 million yuan, 1.218 billion yuan, and 1.535 billion yuan respectively, leading to EPS estimates of 1.15 yuan, 1.44 yuan, and 1.82 yuan [6]. - The corresponding P/E ratios for 2025-2027 are projected to be 33.92x, 27.03x, and 21.46x, maintaining a "buy" rating [6].