Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue and performance growth are primarily benefiting from the relatively prosperous automotive industry, with strong demand leading to stable development across various business segments [2][4]. - The company is actively expanding its humanoid robot screw products and establishing solid partnerships with key domestic and international clients, with expectations for continued mass production of humanoid robots [2][4]. - The company is advancing domestic and international capacity construction to prepare for the expansion of its main business and the production capacity of core components for humanoid robots [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.712 billion, a year-on-year increase of 17.50%, and a net profit attributable to the parent company of 93 million, up 52.39% year-on-year [4]. - In Q3 2025, the company reported revenue of 599 million, a year-on-year increase of 23.07%, and a net profit attributable to the parent company of 38 million, up 64.40% year-on-year [4]. - The gross profit margin for Q3 2025 was 21.23%, an increase of 0.39 percentage points year-on-year, while the net profit margin was 6.67%, up 1.47 percentage points year-on-year [9]. Industry Context - The automotive industry is experiencing a favorable demand environment, with domestic vehicle sales reaching 24.363 million units in the first nine months of 2025, a year-on-year increase of 12.90%, and new energy vehicle sales reaching 11.2276 million units, up 34.95% year-on-year [9]. - The company is optimizing its supply chain and enhancing operational efficiency through various measures, including cost reduction and quality management, which have strengthened its profitability [9]. Future Outlook - The company is expected to achieve net profits attributable to the parent company of 121 million and 179 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 116x and 78x [6].