Performance - In the first three quarters of 2025, the company's operating revenue reached 5.373 billion, a year-on-year increase of 7.16% [1] - The net profit attributable to shareholders was 515 million, reflecting a significant year-on-year increase of 161.81% [1] - The net profit after deducting non-recurring gains and losses was 430 million, showing a remarkable year-on-year growth of 381.94% [1] - For Q3 2025, the single-quarter operating revenue was 1.866 billion, up 12.91% year-on-year and 6.45% quarter-on-quarter [1] - The net profit attributable to shareholders for Q3 was 211 million, with a year-on-year increase of 172.65% and a quarter-on-quarter increase of 45.75% [1] - The net profit after deducting non-recurring gains and losses for Q3 was 196 million, reflecting a year-on-year increase of 254.98% and a quarter-on-quarter increase of 53.04% [1] Capacity and Business Optimization - The company steadily released new production capacity in the first three quarters of 2025, with sufficient capacity utilization [1] - Sales revenue in the new energy vehicles and auto parts sector reached 2.615 billion, with a corresponding sales volume growth of 23.46% year-on-year [1] - Sales revenue in the energy-saving variable frequency air conditioning sector was 1.446 billion, with a corresponding sales volume growth of 18.48% year-on-year [1] - The company continues to expand its products in multiple high-growth areas, optimizing its business structure [1] Strategic Partnerships and International Expansion - The company has established long-term stable partnerships with leading domestic and international enterprises across various fields, including new energy vehicles, energy-saving variable frequency air conditioning, wind power generation, robotics, industrial servo motors, 3C, and energy-saving elevators [1] - The quality of the company's products, technical strength, and delivery capabilities have received high recognition from customers [1] - The company has become a key enterprise partner for the Hong Kong SAR government's introduction of key enterprises, further expanding its international cooperation network [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in performance, with a revenue of 5.373 billion yuan for the first three quarters of 2025, representing a 7.16% increase year-on-year. The net profit attributable to shareholders reached 515 million yuan, up 161.81% year-on-year, and the non-recurring net profit was 430 million yuan, a 381.94% increase year-on-year [4][5] - The company is actively expanding into emerging business areas and enhancing overseas cooperation, establishing long-term stable partnerships with leading domestic and international companies in various sectors, including new energy vehicles and energy-efficient variable frequency air conditioning [6] Financial Performance - For Q3 2025, the company achieved a single-quarter revenue of 1.866 billion yuan, a 12.91% increase year-on-year and a 6.45% increase quarter-on-quarter. The net profit attributable to shareholders for Q3 was 211 million yuan, reflecting a year-on-year increase of 172.65% and a quarter-on-quarter increase of 45.75% [4][5] - The company’s new capacity is steadily being released, with sufficient capacity utilization. Sales revenue from the new energy vehicle and auto parts sector reached 2.615 billion yuan, with a year-on-year sales volume increase of 23.46%. The energy-efficient variable frequency air conditioning sector generated 1.446 billion yuan in sales revenue, with a year-on-year sales volume increase of 18.48% [5] Future Projections - The company is projected to achieve net profits attributable to shareholders of 755 million yuan, 1.216 billion yuan, and 1.437 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 71, 44, and 37 [7]