Group 1 - West Test (301306) and Hangzhou Jizhi Electromechanical Co., Ltd. (300553) have signed a strategic cooperation agreement to deepen collaboration in the aerospace field and testing service market, aiming to explore new business growth points [1] - West Test has adopted a "4+1+1" strategy to enhance its layout in the aerospace sector, providing one-stop testing services and undertaking multiple product identification tests, including significant aerospace engineering projects [1] - West Test is recognized as a "super factory for commercial satellite payloads," leveraging a secure component supply chain, large-scale manufacturing capabilities, and comprehensive certification such as AS9100, SPCAP, and NadCAP to support the aerospace industry's development [1] Group 2 - The agreement focuses on deep cooperation in testing needs under extreme environments and complex scenarios, promoting the autonomy and standardization of related testing technologies [2] - The collaboration aims to accelerate the application of artificial intelligence technologies in the testing field, providing technical support to enhance the reliability and safety of China's aerospace equipment [2]

Core Viewpoint - The company reported continuous growth in Q3 2025, with a significant increase in net profit margin [2] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 235 million, a year-over-year increase of 42.78%, and a net profit attributable to shareholders of 32 million, a year-over-year increase of 133.25% [1] - For Q3 2025, the company reported operating revenue and net profit attributable to shareholders of 7.4 million and 0.9 million respectively, with year-over-year increases of 26.73% and 47.82% [2] - The gross margin and net margin for the first three quarters of 2025 were 41.78% and 14.91%, with changes of -2.43 and +11.93 percentage points respectively [2] - The overall period expense ratio significantly decreased, indicating effective cost control [2] Business Development - The company is positioned to benefit from the rapid development of the robotics industry, being a leading domestic enterprise in balancing machines [2] - The company has undertaken its first hollow cup motor rotor production line and is actively developing balancing equipment, straightening equipment, and automated production lines for micro-motors [2] - The company's intelligent listening technology has entered the industrialization phase, having won a bid for a specific model's underwater acoustic signal intelligent processing system project [2] Investment Outlook - The company is expected to continue benefiting from the humanoid robot market and deep-sea sector development [3] - Projected net profits attributable to shareholders for 2025-2027 are 48 million, 90 million, and 148 million respectively, with corresponding EPS of 0.43, 0.81, and 1.33 [3] - The price-to-earnings ratios for the same period are projected to be 85.01, 45.17, and 27.47 [3]