Investment Rating - The investment rating for the company is maintained as "Buy" [5]. Core Insights - The company's revenue performance for the first three quarters of 2025 was below expectations, with total revenue of 73.13 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 6.21 billion yuan, a year-on-year decrease of 29% [5]. - The company has successfully completed the production transfer of its products exported to the U.S., which is expected to reduce tariff burdens significantly as new overseas factories come online [5]. - New business development is progressing well, with over 400 million yuan in new orders for core components and a diversification strategy into various electric motor applications [5]. Financial Data and Profit Forecast - Total revenue forecast for 2024 is 9.765 billion yuan, with a projected growth rate of 11.1%. For 2025, the revenue is expected to be 10.023 billion yuan, reflecting a growth rate of 2.6% [2]. - The net profit attributable to shareholders is forecasted to be 1.275 billion yuan in 2026, with a year-on-year growth of 33.5% [2]. - The gross profit margin is expected to stabilize around 24.6% in 2026, with a return on equity (ROE) projected at 22.2% [2]. Market Data - As of October 28, 2025, the closing price of the stock was 26.96 yuan, with a price-to-book ratio of 2.9 and a dividend yield of 5.56% [3]. - The company has a total share capital of 573 million shares, with a net asset value per share of 9.53 yuan [3]. Operational Highlights - The company has successfully developed nearly 60 new products and filed 98 patents in the first half of 2025, indicating strong innovation capabilities [5]. - The construction of new production bases in Vietnam and Thailand is expected to enhance production capacity significantly, with Vietnam's facility projected to produce over 4 million small appliances annually [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue performance fell short of expectations, with a revenue of 7.31 billion yuan in 2025Q1-3, a year-on-year increase of 1%, and a net profit attributable to the parent company of 621 million yuan, a year-on-year decrease of 29% [6] - New business development is progressing smoothly, with over 400 million yuan in new orders for core components in the first half of 2025, and the company is diversifying into various fields including automotive motors and industrial motors [6] - The overseas production capacity layout is improving to mitigate trade friction, with the completion of production transfer for products exported to the US and new factories in Vietnam and Thailand expected to enhance production capacity [6] Financial Data and Profit Forecast - Total revenue (million yuan): 2024: 9,765; 2025E: 10,023; 2026E: 11,095; 2027E: 12,188 [2] - Net profit attributable to the parent company (million yuan): 2024: 1,230; 2025E: 955; 2026E: 1,275; 2027E: 1,364 [2] - Earnings per share (yuan/share): 2024: 2.14; 2025E: 1.67; 2026E: 2.22; 2027E: 2.38 [2] - Gross margin (%): 2024: 24.2; 2025E: 22.8; 2026E: 24.6; 2027E: 24.7 [2] - Return on equity (ROE, %): 2024: 24.8; 2025E: 19.3; 2026E: 22.2; 2027E: 21.1 [2] Market Data - Closing price (yuan): 26.96 [3] - Market capitalization (million yuan): 15,459 [3] - Dividend yield (%): 5.56 [3] - Price-to-book ratio: 2.9 [3] - One-year high/low (yuan): 31.00/18.99 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue performance was below expectations, with a 1% year-on-year increase in total revenue for H1 2025, amounting to 4.781 billion yuan, and a 29% decline in net profit attributable to shareholders, totaling 428 million yuan [6] - The company successfully completed the production transfer of its products exported to the U.S., overcoming challenges such as local labor shortages and supply chain issues, ensuring timely delivery of orders [6] - New business development is progressing well, with over 400 million yuan in new orders for core components and the launch of nearly 60 new products, including innovative water purification products [6] - The company is expanding its overseas production capacity to mitigate trade friction, with new factories in Vietnam and Thailand expected to significantly reduce tariff burdens [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 10.238 billion yuan, with a year-on-year growth rate of 4.8% [2] - Net profit attributable to shareholders is projected to be 1.040 billion yuan for 2025, reflecting a decline of 15.4% year-on-year [2] - Earnings per share (EPS) is expected to be 1.81 yuan for 2025 [2] - The gross profit margin is forecasted to be 23.6% for 2025 [2] - Return on equity (ROE) is projected at 19.7% for 2025 [2] Market Data - The closing price of the stock on August 28, 2025, was 23.88 yuan, with a market capitalization of 13.639 billion yuan [3] - The stock has a price-to-book ratio of 2.7 and a dividend yield of 6.28% [3] - The stock's price-to-earnings ratio is projected to be 13 for 2025 [2][3]