Investment Rating - The investment rating for Zhongding Co., Ltd. is "Recommended" (maintained) [1]. Core Views - The company has demonstrated strong profitability resilience and is steadily advancing its humanoid robot supporting business. The traditional non-tire rubber component business remains stable, while new businesses such as air suspension and lightweight components are developing steadily, opening new growth opportunities [8]. Summary by Sections Company Overview - Zhongding Co., Ltd. operates in the automotive industry, with a total market capitalization of 30.1 billion yuan and a total share capital of 1,316 million shares [1]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 14.6 billion yuan (up 0.4% year-on-year) and a net profit attributable to shareholders of 1.3 billion yuan (up 24% year-on-year) [4]. - The company's gross margin reached 25.8% and net margin 10.4% in the third quarter, indicating robust profitability [7]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are as follows: - 2025: 20.9 billion yuan (up 10.9% year-on-year) - 2026: 23.8 billion yuan (up 13.7% year-on-year) - 2027: 27.0 billion yuan (up 13.8% year-on-year) [6]. - Net profit forecasts for the same period are: - 2025: 1.7 billion yuan - 2026: 1.9 billion yuan - 2027: 2.0 billion yuan [8]. Business Segments - The company is actively involved in air suspension systems, lightweight components, and thermal management systems, with significant orders received in these areas. For instance, the air suspension business has accumulated orders worth approximately 15.8 billion yuan, while the lightweight business has orders totaling about 5.5 billion yuan [7][8]. - In the humanoid robot sector, the company has established partnerships to enhance its core advantages in component assembly, with ongoing projects to develop robotic joints and lightweight skeletons [8].