Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 12.198 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.22%, and a net profit attributable to shareholders of 2.979 billion yuan, down 8.72% year-on-year [5] - The overall expense control is adequate, but profit margins are under pressure, with a gross margin of 42.11% for the first three quarters of 2025, down 1.01 percentage points year-on-year [5] - The company is actively promoting the development of its new energy business, establishing a comprehensive charging solution that includes home charging piles and integrated solar storage solutions [5] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 4.03 billion yuan, a year-on-year decline of 4.44%, and a net profit of 919 million yuan, down 10.29% year-on-year [5] - The gross margin for Q3 2025 was 41.68%, a decrease of 1.79 percentage points year-on-year, with a net profit margin of 22.81%, down 1.49 percentage points year-on-year [5] - The company expects revenues of 16.103 billion yuan, 16.994 billion yuan, and 17.881 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.905 billion yuan, 4.355 billion yuan, and 4.634 billion yuan [6][8] Business Development - The company is leveraging its strong product foundation in the electrical field to enter the home charging market, launching several series of home charging piles [5] - Strategic partnerships have been established with three platforms to enhance the safety, intelligence, operational efficiency, and user experience of commercial charging piles [5] - The company is expected to see stable growth in its electrical connection and smart lighting businesses, supported by international expansion and new energy market development [6]