12月9日晚间，永茂泰（605208）公告称，公司拟由全资子公司安徽永茂泰汽车零部件有限公司投资约4 亿元人民币建设镁铝合金新材料汽车和机器人零部件智能制造项目。 同时，永茂泰还成立了"永茂泰机器人技术研究院"，通过搭建先进的研发平台，可快速响应市场需求， 加速新技术、新产品的孵化，更为后续业务拓展筑牢技术根基。 10月18日，永茂泰发布公告称，近日与国内某头部人形机器人企业签订《战略合作框架协议》，将在具 身智能机器人执行器及关节零部件、产业化应用及供应链协同等领域展开深度合作，共同推动人形机器 人技术的创新与商业化落地。不过，该合作存在诸多不确定性，短期内对公司业绩影响不大。 在今年三季度业绩说明会上，永茂泰透露，机器人业务是未来重点布局领域。今年以来，公司积极参与 机器人产品的同步研发，大力拓展机器人客户与产品，已成功获得西南某头部机器人企业173个核心零 部件订单，并与多家机器人主机及零部件供应商共同研发机器人铝、镁合金结构件、关键零部件。 此外，镁合金业务也是永茂泰的一大进军方向。今年半年报显示，永茂泰积极拓展镁合金客户和产品， 已获得国内知名汽车和机车主机厂关于电机、减速箱、逆变器、三电系统等多款 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 35.19 RMB [7][5]. Core Insights - The company reported Q3 revenue of 1.559 billion RMB, a year-over-year increase of 19.62% and a quarter-over-quarter increase of 0.00%. The net profit attributable to the parent company was 220 million RMB, up 21.24% year-over-year and 3.56% quarter-over-quarter [1]. - The company has seen a slight increase in revenue growth, with Q3 revenue growth at 19.6%, compared to 10.2% in Q2. The injection molding machine exports have achieved a significant milestone with over 3,500 units delivered to the factory in Gujarat, India [2]. - The gross margin for Q3 was 33.27%, and the net margin was 14.18%, with slight declines attributed to accounting policy adjustments and increased industry competition [3]. - The company plans to invest at least 374 million RMB to enhance production capacity and order response speed, which is expected to strengthen its core competitiveness and overall profitability [4]. - The forecast for net profit attributable to the parent company for 2025-2027 is 718 million, 846 million, and 988 million RMB, respectively, with a compound annual growth rate of 17.59% [5]. Summary by Sections Financial Performance - Q3 revenue reached 1.559 billion RMB, with a year-over-year growth of 19.62% and a quarter-over-quarter growth of 0.00%. For the first three quarters of 2025, total revenue was 4.306 billion RMB, reflecting a year-over-year increase of 17.21% [1]. - The company’s Q3 gross margin was 33.27%, and net margin was 14.18%, with year-over-year declines of 1.74 and 0.18 percentage points, respectively [3]. Market Expansion - The company has made significant breakthroughs in overseas markets and with major clients, particularly in the magnesium alloy sector, which is expected to see increased demand due to its lightweight and cost advantages [2]. Investment and Growth Strategy - The company is set to invest at least 374 million RMB to enhance its production capabilities, which will support future growth and improve its competitive edge [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 718 million, 846 million, and 988 million RMB, respectively, with a compound annual growth rate of 17.59% [5]. The target price has been adjusted to 35.19 RMB, reflecting a price-to-earnings ratio of 23 for 2025 [5].