Core Viewpoint - The company's Q3 performance was weak with a year-on-year decline of 82.5% in net profit attributable to the parent company, but this does not indicate a growth bottleneck. Short-term costs related to the transition of domestic capacity to Malaysia have impacted management expenses and operating costs, alongside factors like increased depreciation of fixed assets and decreased investment income. Future prospects include stable capacity and delivery under favorable tariff policies, a potential rebound in orders during the interest rate cut cycle, and growth opportunities in the elderly care robot sector [1][2][3]. Capacity Layout and Tariff Stability - The Malaysian factory is set to achieve large-scale production by May 2025, with a designed annual output value of 2 billion RMB, primarily serving the U.S. market. By October, it has met all U.S. order production needs, with further expansion potential available [2]. - The company also operates a factory in Suzhou, China (serving non-U.S. markets), a new base in Nantong (under construction for non-U.S. markets), and a warehouse center in the U.S. for logistics and maintenance [2]. - Recent U.S.-China tariff negotiations have led to the postponement of retaliatory tariffs and significant reductions in fentanyl tariffs, with tariffs on Southeast Asia also stabilizing. This is expected to alleviate shipping and production issues caused by tariffs in the coming year, leading to a recovery in profitability [2]. Market Share and Product Expansion - The company is expected to see order growth due to its strong R&D capabilities, with major clients concentrating orders for existing products like air compressors and vacuum cleaners. Additionally, the company has successfully entered new markets such as pneumatic tools and outdoor camping equipment, which have a market potential several times larger than existing businesses and align well with core competencies [2]. Elderly Care Robots as a Growth Driver - The company's elderly care robot product has reached technological maturity (now in its fifth generation) and has been included in the Ministry of Industry and Information Technology's promotion directory for intelligent elderly care service robots. It is the only selected enterprise in the subcategory of intelligent handling robots, indicating recognition from national authorities. The development of national intelligent elderly care demonstration projects is expected to significantly boost this business [3]. - With the rapid aging of the population in China and rising costs for caregivers, intelligent handling robots are anticipated to become essential products with a broad market outlook [3]. Profit Forecast - The company forecasts net profits attributable to the parent company of 216 million RMB, 288 million RMB, and 364 million RMB for 2025-2027, corresponding to current P/E ratios of 29x, 22x, and 17x, respectively, maintaining a "recommended" rating [3].

盈利能力表现靓丽，费用管控优异。2025Q1 公司毛利率32.6%（同比+2.1pct），归母净利率19.7%（同 比+2.1pct）；费用端方面，Q1 期间费用率为9.4%（同比-0.6pct），其中销售/研发/管理/财务费用率分 别为4.5%/2.3%/3.3%/-0.7%（同比分别-0.7pct/-0.4pct/-0.8pct/+1.4pct）。 事件：公司发布2024 年报&2025 一季报。2024 年公司实现收入 29.52 亿元（同比+19.9%），归母净利 润5.11 亿元（同比+18.6%），扣非归母净利润5.05 亿元（同比+20.6%）；单Q4 收入为6.93 亿元（同比 +27.1%），归母净利润1.18 亿元（同比+48.9%），扣非归母净利润1.17 亿元（同比+51.6%）。25Q1 收 入为7.93 亿元（同比+15.3%），归母净利润1.56 亿元（同比+28.7%），扣非归母净利润1.55 亿元（同 比+32.0%）。我们预计Q1受益于内部降本、原材料价格降价、美国高毛利业务占比提高等因素，业绩 表现靓丽。根据AMI Consulting，自 2011 年开始共创人造草坪销 ...