Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a slowdown in Q3 due to fluctuations in order rhythm, but Q4 is expected to show significant improvement compared to Q3 [7] - The company achieved a revenue of 428 million yuan in the first nine months of 2025, representing a year-on-year growth of 10.56%, and a net profit attributable to shareholders of 129 million yuan, up 54.18% year-on-year [7] - The Q3 revenue was 121 million yuan, a year-on-year decline of 3.97%, while the net profit attributable to shareholders was 21 million yuan, an increase of 33.70% year-on-year [7] - The company is expected to benefit from the transition to new national standards and increased demand in both domestic and overseas markets [7] Financial Performance Summary - Total revenue forecast for 2023A is 443.80 million yuan, with a year-on-year growth of 2.39% [1] - The net profit attributable to shareholders for 2023A is projected at 91.37 million yuan, reflecting a year-on-year increase of 41.95% [1] - The earnings per share (EPS) for 2023A is estimated at 0.54 yuan [1] - The company’s comprehensive gross margin in Q3 was 46.20%, an increase of 11.18 percentage points year-on-year [7] - The cash flow quality remains high, with a cash collection ratio of 1.38 in Q3 [7] - The company’s revenue is expected to reach 603.91 million yuan in 2025E, with a year-on-year growth of 8.70% [1] - The net profit attributable to shareholders is projected to be 172.18 million yuan in 2025E, with a year-on-year growth of 38.62% [1]

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - Q2 performance met expectations with a significant increase in profitability and sales volume [5][6] - The company aims for an annual sales target of 13 million units, representing a year-on-year growth of 20% [7] - Revenue and net profit forecasts for 2025-2027 show strong growth potential [7] Revenue Analysis - Q2 sales volume reached approximately 3.3 million units, a year-on-year increase of about 17% [5] - Average Selling Price (ASP) was approximately 2058 yuan, up 3% year-on-year but down 2% quarter-on-quarter [5] - Net profit per unit was approximately 184 yuan, an increase of 18 yuan year-on-year but a decrease of 20 yuan quarter-on-quarter [5] Profitability Analysis - Q2 net profit margin was 8.9%, an increase of 0.7 percentage points year-on-year [6] - Gross margin was 18.9%, up 1.3 percentage points year-on-year [6] - Structural improvements and cost reduction efforts are expected to significantly enhance profitability [6] Financial Performance - Q2 revenue was 6.798 billion yuan, a year-on-year increase of 20.6% [9] - Q2 net profit attributable to the parent company was 608 million yuan, a year-on-year increase of 30.1% [9] - The company plans to distribute a mid-term dividend of 6.28 yuan per 10 shares, corresponding to a dividend payout ratio of 45% [9] Financial Forecasts - Expected revenues for 2025-2027 are 26.671 billion yuan, 31.049 billion yuan, and 35.384 billion yuan, representing year-on-year growth rates of 23.4%, 16.4%, and 14% respectively [10] - Net profit attributable to the parent company is projected to be 2.571 billion yuan, 3.002 billion yuan, and 3.467 billion yuan for the same years, with growth rates of 29.3%, 16.8%, and 15.5% respectively [10] - The company is expected to maintain a P/E ratio of 13, 11, and 10 for the years 2025, 2026, and 2027, indicating further upside potential [7][10]