业绩增速符合预期，盈利能力显著提升 2025Q3 公司业绩整体增速符合预期，扣非归母净利润稳步上升。（1）主业方面，公司25Q3 营收13.3 亿元，YoY+17.4%；归母净利润1.2 亿元，YoY-2.7%，上期确认金石业绩补偿款导致投资收益较高；扣 非归母净利润1.0 亿元，YoY+25.9%，保持快速增长。（2）盈利能力方面，公司25Q3毛利率22.8%， YoY+1.5pct，QoQ+3.0pct，同环比显著改善。（3）费用率方面，公司25Q3 期间费用率为12.6%，YoY- 1.4pct，QoQ+2.4pct；其中，销售/管理/研发/财务费用率分别为0.6%/7.2%/4.4%/0.3%，YoY- 1.6/+0.2/+0.4/-0.3pct，QoQ+0.04/+1.2/+1.0/+0.2pct，整体保持平稳。 主业新客户新产品超预期突破，带动营收盈利双增 主营业务发展态势良好，客户资源持续扩张。2024 年，公司的主营业务取得主要进展包括： 事件 公司发布2025 年三季报，2025Q3 年公司实现营收13.3 亿元，同比+17.4%；扣非归母净利润1.0 亿元， YoY+25.9%，稳步增长。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [12] Core Insights - The company's performance growth is in line with expectations, with significant improvements in the performance of its second-generation grinding machines [5] - The company achieved a revenue of 1.33 billion yuan in Q3 2025, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 120 million yuan, with a year-on-year decrease of 2.7% due to high investment income from a previous compensation [5] - The gross margin for Q3 2025 was 22.8%, an increase of 1.5 percentage points year-on-year, indicating a notable improvement in profitability [5] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.33 billion yuan, up 17.4% year-on-year, and a net profit of 120 million yuan, down 2.7% year-on-year, with a non-recurring net profit of 100 million yuan, up 25.9% year-on-year [5] - The gross margin improved to 22.8%, with a decrease in the expense ratio to 12.6% [5] Business Development - The company has expanded its customer base and product offerings, particularly in automotive interior and exterior parts, smart control system components, and new energy power systems [5][6] - Key partnerships include collaborations with major automotive manufacturers such as SAIC-GM-Wuling and BYD, with successful mass production of various components [6][7] New Product Development - The company has made strides in humanoid robot components, establishing a complete industrial chain from material design to precision grinding, with plans to produce 1 million sets of planetary roller screws for humanoid robots within two years [8][9] - The second-generation grinding machines are designed for high precision and efficiency, targeting both small and large components [11] Earnings Forecast - The company is projected to achieve revenues of 5.65 billion yuan in 2025, 6.41 billion yuan in 2026, and 7.24 billion yuan in 2027, with net profits of 533 million yuan, 646 million yuan, and 751 million yuan respectively [12][14]