Core Viewpoint - Lanjian Intelligent has signed a contract worth 138 million yuan (including tax) with Ninebot (Zhuhai) Technology Co., Ltd, which is expected to positively impact the company's performance in 2026 [1][2] Group 1: Company Performance - In the first three quarters of 2025, Lanjian Intelligent achieved a revenue of 1.131 billion yuan, representing a year-on-year growth of 35.68%, and a net profit attributable to shareholders of 93.75 million yuan, up 47.54% [4] - The company's revenue in the third quarter alone reached 508 million yuan, with a year-on-year growth rate of 62.62%, and a net profit of 52.39 million yuan, increasing by 97.12% [4] - As of June 30, 2025, Lanjian Intelligent had an order backlog of 2.06 billion yuan, reflecting a year-on-year increase of 56.89% [3] Group 2: Market Demand and Growth - The demand for intelligent robots has been increasing, leading to continuous growth in orders for Lanjian Intelligent, particularly in emerging strategic industries such as electric vehicles and new energy [3][4] - The company has also seen sustained growth in key sectors including food and beverage, pharmaceuticals, petrochemicals, and tires [3] Group 3: International Expansion - In the first half of 2025, Lanjian Intelligent generated overseas revenue of 56.28 million yuan, a significant increase of 164.1% compared to the same period last year [5] - The company secured new overseas project orders totaling 140 million yuan in the same period [5] - Lanjian Intelligent is actively pursuing a global strategy, participating in logistics industry exhibitions in multiple countries to enhance brand recognition and market influence [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][3]. Core Insights - The company reported a significant increase in revenue and profit, with Q3 2025 revenue reaching 508 million yuan, a year-on-year growth of 62.62%, and net profit of 52.39 million yuan, up 97.12% year-on-year [1]. - For the first three quarters of 2025, the company achieved a revenue of 1.131 billion yuan, a 35.68% increase year-on-year, and a net profit of 93.75 million yuan, growing by 47.54% year-on-year [1]. - The company benefits from the rising demand for smart logistics equipment and demonstrates strong cost control, with a net profit margin of 10.32%, an increase of 1.81 percentage points year-on-year [1]. - The company is expanding its global footprint through strategic partnerships, including a collaboration with SGS for international market certifications [2]. Financial Performance Summary - The company’s revenue is projected to grow from 1.138 billion yuan in 2023 to 2.818 billion yuan by 2027, with corresponding growth rates of 6.56%, 23.80%, 29.95%, 32.32%, and 35.70% respectively [10]. - The net profit is expected to increase from 110.43 million yuan in 2023 to 317.36 million yuan in 2027, with growth rates of 21.99%, 1.48%, 44.64%, 21.18%, and 61.56% respectively [10]. - The projected earnings per share (EPS) are 1.08 yuan for 2023, increasing to 3.09 yuan by 2027 [10]. Strategic Developments - The company has initiated the construction of a "Robot Manufacturing Center" to focus on the production of smart logistics robots and embodied intelligent robots [1]. - A partnership with Shandong University aims to establish a "Logistics Embodied Intelligent Robot Research Institute," enhancing the company's research capabilities in autonomous decision-making technologies [2]. - The collaboration with SGS is expected to accelerate the company's global business expansion and improve product safety and stability for international markets [2].