Investment Rating - The report maintains an "Accumulate" rating for the company [1][10]. Core Insights - The company's Q3 2025 revenue increased by 4.18% year-on-year to approximately 251 million yuan, with a quarter-on-quarter increase of 11.43%. However, the net profit attributable to the parent company decreased by 7.25% year-on-year to about 44 million yuan [4][6]. - The company is strategically optimizing its production capacity and product structure at its Thailand base to meet market and customer demands, which is expected to drive future growth [4][6]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 30.45%, down 3.49 percentage points year-on-year and 0.60 percentage points quarter-on-quarter. The total expense ratio was 11.46%, up 0.88 percentage points year-on-year and 1.12 percentage points quarter-on-quarter [6]. - The company plans to integrate motor actuator capacity to 2.28 million units per year and reduce washing pump capacity to 1.5 million units per year, while adding new product lines for active sensing cleaning systems and thermal management system components [6]. Product Development - The company is leveraging its harmonic magnetic field motor technology to develop products for automotive, industrial automation, and humanoid robots, focusing on customized solutions for linear joint motors, rotary joint motors, and dexterous hand motors [7]. - The report forecasts revenue growth for 2025 to 2027, with expected revenues of 937 million yuan, 1.133 billion yuan, and 1.455 billion yuan, respectively, reflecting a growth rate of -3%, 21%, and 28% [8][9]. Valuation Metrics - The projected P/E ratios for 2025 to 2027 are 78.76, 65.76, and 49.74, respectively, indicating a potential for valuation improvement as the company expands its product offerings and market presence [9][10].