Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 performance met expectations, with 2C (consumer) exports exceeding expectations. Q3 revenue was 112.4 billion (up 10%), and net profit attributable to shareholders was 11.9 billion (up 9%) [6][10] - The company is expected to maintain growth in Q4 despite high base effects from the previous year, with a focus on improving supply chain and sales efficiency [10] Financial Performance Summary - Q3 revenue reached 112.4 billion (up 10%), with net profit attributable to shareholders at 11.9 billion (up 9%) and non-recurring net profit at 10.9 billion (up 7%). The profit growth rate was lower than revenue growth due to losses from three acquisition businesses amounting to 3 billion [6] - For the first three quarters, total revenue was 364.7 billion (up 14%), with net profit attributable to shareholders at 37.9 billion (up 20%) [6] - The company expects to see a steady performance in Q4, with internal sales growth projected to be stable despite a decline in national subsidies [7][10] Segment Performance Summary - 2C Smart Home: Q3 revenue growth was 10%, with domestic sales up 5% and exports up 15%. The company is focusing on cost reduction and efficiency improvements [7][8] - 2B Business: Q3 revenue growth was in double digits, with exports outpacing domestic sales. The company aims to double its building business revenue to 10 billion USD by 2030 [9] - Robotics: KUKA benefited from expanded industry and domestic orders, maintaining a growth rate of 10% in Q3 [9] Earnings Forecast and Valuation - The company’s earnings forecast for 2025-2027 has been adjusted, with net profit attributable to shareholders projected at 44.9 billion, 49.4 billion, and 53.9 billion respectively, reflecting growth rates of 16%, 10%, and 9% [10][11] - The company maintains a strong balance sheet, with other current liabilities and contract liabilities increasing by 11.9 billion compared to the same period last year [10]