Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported a revenue of 2.585 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9%, with a net profit attributable to the parent company of 123 million yuan, down 53% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 840 million yuan, representing a year-on-year increase of 6% but a quarter-on-quarter decrease of 22% [2]. - The gross profit margin for the first three quarters of 2025 was 17.6%, down 5 percentage points year-on-year, while the net profit margin attributable to the parent company was 4.7%, down 4.5 percentage points year-on-year [3]. Business Segments - **Home Appliance Heating Components**: The company is adjusting its product and sales structure to maintain stable operations, with plans to expand into foreign trade clients like Samsung and LG, which may enhance profit margins [4]. - **New Energy Vehicle Components**: This segment continues to grow rapidly, with saturated orders and new production lines being established, alongside the development of smart cockpit products to increase vehicle value [4]. - **New Energy Equipment**: The company is actively pursuing transformation and upgrading, achieving commercial application of a 6kV molten salt energy storage heater, and has signed nearly 100 million yuan in orders in the first half of the year [4]. - **Pre-plated Nickel Materials**: The company maintains a supply of around 2,000 tons per month and is developing additional clients [4]. - **Robotics**: The company is preparing for mass production of flexible fabric pressure sensing products and exploring other technological avenues [4]. Profit Forecast and Valuation - The company is expected to see net profits attributable to the parent company of 180 million yuan, 250 million yuan, and 300 million yuan for the years 2025 to 2027, respectively [5].

Core Viewpoint - The company is actively engaging with investors and showcasing its recent operational performance, product development, and market prospects through an online meeting with various securities firms and investment institutions [1]. Business Segment Performance - The home appliance electric heating components business is maintaining stable operations through product and sales structure adjustments, with a focus on expanding foreign trade clients like Samsung and LG to enhance profit margins [2]. - The new energy vehicle components business is experiencing rapid growth with saturated orders and ongoing construction of new production lines, while also diversifying into smart cockpit products to increase vehicle value [2]. - The new energy equipment business has shown significant transformation, with the commercial application of a 6kV molten salt energy storage electric heater, achieving nearly 100 million yuan in orders in the first half of the year and maintaining a leading market share [2]. Robotics Business - The company is preparing for mass production of flexible fabric pressure sensing products and is exploring other technological avenues for future development [3]. Silicon-Carbon Anode Material Equipment Outlook - The company has developed silicon-carbon anode material equipment that addresses industry challenges related to product consistency and large-scale production, offering significant cost advantages compared to mainstream market equipment [4]. - The market potential for silicon-carbon anode material equipment could reach 25 billion yuan by 2030, with the company poised to capture market share due to its first-mover advantage [4]. - Contracts for equipment development have been signed with leading enterprises, with expectations for delivery in the fourth quarter and large-scale market introduction next year [4]. Molten Salt Energy Storage and Pre-Plated Nickel Business Outlook - The 6kV high-temperature and high-pressure molten salt energy storage electric heater has been commercially applied, with leading technology and nearly 100 million yuan in contracts signed in the first half of the year, anticipating rapid order growth due to supportive national policies [5]. - The company is currently supplying approximately 2,000 tons of pre-plated nickel materials monthly to a renowned international battery enterprise, with plans for significant procurement increases by 2026 [5]. - The company aims to deepen technological research and market expansion across existing business segments, particularly in new energy and robotics [5].