Investment Rating - The report maintains a "Buy" investment rating for the company [1][7] Core Insights - The company reported Q3 2025 revenue of 290 million yuan, a year-over-year increase of 42.1%, and a net profit attributable to shareholders of 45.05 million yuan, up 32.4% year-over-year [3][4] - The actuator business is identified as a key growth driver, benefiting from the trend towards automotive electrification, with actuator revenue growing by 77.4% year-over-year [5] - The company is expanding into humanoid robots and liquid cooling sensor markets, leveraging its strong foundation in temperature sensor technology [6] Financial Performance - Q3 2025 gross margin was 33.0%, showing a year-over-year decrease of 0.9 percentage points but a quarter-over-quarter improvement of 1.5 percentage points [4] - The company’s operating expenses as a percentage of revenue were 12.3%, with R&D expenses increasing due to a rise in technical staff and related compensation [4] - Revenue projections for 2025-2027 are 1.17 billion, 1.48 billion, and 1.87 billion yuan respectively, with net profits of 196 million, 252 million, and 315 million yuan [7][9] Market Position and Growth Potential - The actuator segment is expected to experience explosive growth due to increasing applications in electric vehicles, including new configurations like hidden door handles and electronic locks [5] - The company has established partnerships to develop products for humanoid robots and data center cooling solutions, indicating a strategic expansion into high-potential markets [6]

（记者 王晓波） 长盈精密（300115.SZ）11月22日在投资者互动平台表示，公司在机器人领域已经布局超过10年，能够 为人形机器人的传动件、结构件、执行器、传感器、变速齿轮、线束、电机等提供核心零部件，且已实 现为海内外人形机器人客户开发如铝合金、镁合金、钛合金等金属材料，PEEK、IGUS等工程塑料，以 及橡胶、硅胶、尼龙、纤维织布等多种材料的零件，涵盖CNC、3D打印、压铸、注塑、滚齿、热压等 多种成型工艺。公司的项目集中在灵巧手上的传动件，正逐步增加至大尺寸的传动件。 每经AI快讯，有投资者在投资者互动平台提问：了解到公司已供应灵巧手、关节等核心部件。想请 教，除了已披露的产品，公司是否还成功开发或正在验证人形机器人的其他关键模块，例如躯干结构 件、旋转执行器、传感器外壳或特定场景的末端执行器（工具手）？ 公司如何评估在单台人形机器人 上的总价值量？未来通过增加供应品类来提升单机价值量的空间有多大？ ...

Core Viewpoint - The company has over 10 years of experience in the robotics sector, providing essential components for humanoid robots and is actively expanding its production capacity due to increasing overseas orders [1] Group 1: Company Overview - The company has established a significant presence in the robotics field, focusing on core components such as transmission parts, structural components, actuators, sensors, gearboxes, wiring harnesses, and motors for humanoid robots [1] - The company has developed parts using various materials including aluminum alloy, magnesium alloy, titanium alloy, PEEK, IGUS engineering plastics, rubber, silicone, nylon, and fiber fabrics [1] - The manufacturing processes employed by the company include CNC machining, 3D printing, die casting, injection molding, gear hobbing, and hot pressing [1] Group 2: Market Dynamics - The company is currently concentrating on transmission components for dexterous hands and is gradually increasing its focus on larger transmission components [1] - In the fourth quarter, there is a notable acceleration in new overseas orders for humanoid robots, prompting the company to actively expand its production capabilities [1]

证券日报网讯瑞立科密（001285）11月17日在互动平台回答投资者提问时表示，公司深耕电控制动及精 密压铸两大领域，具备应用于机器人领域的潜力，但截至目前，公司在机器人减速器相关赛道尚未形成 实质性业务布局。后续，公司将基于自身在电控制动部件(如ECU、执行器、传感器等)方面的技术积 累，以及在精密压铸轻量化产品方面的制造能力，持续关注机器人领域的相关发展动态，并评估潜在业 务拓展机会。 ...

Core Viewpoint - The company, 瑞立科密 (001285.SZ), is focusing on electric control braking and precision die-casting, indicating potential applications in the robotics sector, but has not yet established a substantial business presence in the robotics reducer market [1] Group 1: Business Focus - The company is deeply engaged in two main areas: electric control braking and precision die-casting [1] - The company possesses technological accumulation in electric control components such as ECU, actuators, and sensors [1] Group 2: Future Plans - The company plans to continuously monitor developments in the robotics field and assess potential business expansion opportunities [1] - The company aims to leverage its manufacturing capabilities in lightweight products through precision die-casting [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve stable development in Q3 2025, with plans for H-share financing to strengthen overseas expansion and diversify into server cooling and robotics applications [5][7] - The company’s main products are smart sensors and actuators, and it is well-positioned to capitalize on opportunities in automotive intelligence, consumer electronics, robotics, and healthcare, which is anticipated to drive steady revenue growth [6][7] Financial Summary - The company’s projected net profits for 2025-2027 are estimated at 98 million, 124 million, and 147 million yuan respectively, with corresponding P/E ratios of 43, 34, and 29 times [6] - Revenue for 2025 is forecasted to be 753 million yuan, reflecting a year-on-year growth rate of 21.99% [6][8] - The company achieved revenue of 502 million yuan in Q1-Q3 2025, a year-on-year increase of 12%, with a net profit of 71.47 million yuan, up 6% year-on-year [7] Market Performance - The closing price of the company’s stock is 30.10 yuan, with a market capitalization of approximately 4.25 billion yuan [3][4] - The stock has fluctuated between a high of 42.88 yuan and a low of 19.56 yuan over the past year [3] Business Development - The company is benefiting from the upgrade of intelligent assisted driving systems, with increasing demand for sensor performance and quantity as the industry moves from L2 to L3/L4 levels [7] - The company is also expanding its non-automotive business, with rapid progress in robotics and server cooling applications, which are expected to accelerate commercialization [7] Financial Projections - The company’s revenue is projected to grow from 617 million yuan in 2024 to 1.10 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.44% [6][8] - The gross profit margin is expected to remain stable around 34.73% to 35.26% from 2025 to 2027 [8]

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue of 796 million yuan, a year-on-year increase of 43.84%, and a net profit attributable to shareholders of 130 million yuan, up 37.24% year-on-year [1][2] Financial Performance - For Q3 2025, the company achieved revenue of 293 million yuan, reflecting a year-on-year growth of 42.13%, and a net profit of 45 million yuan, which is a 32.37% increase year-on-year [1] - The company's non-recurring net profit for the first three quarters rose by 50.98% year-on-year, driven by the rapid growth of actuator products [2] Market Trends - In the automotive sector, China's production and sales for the first three quarters of 2025 reached 24.33 million and 24.36 million vehicles, respectively, marking increases of 13.3% and 12.9% year-on-year [2] - The penetration rate of new energy vehicles reached 46.1%, with production and sales of 11.24 million and 11.22 million units, reflecting year-on-year growth of 35.2% and 34.9% [2] Product Development and Expansion - The company is experiencing significant growth in sensor and controller products, with actuator product revenue increasing by 77.41% year-on-year in H1 2025, and its sales proportion rising from 36.67% to 44.91% [2] - The company is actively expanding its production capacity, with fixed assets increasing by 51.66% since the beginning of the year, primarily due to the expansion of its subsidiary Yunmeng Electronics [2] Strategic Initiatives - The company is strategically entering the fields of embodied intelligence and liquid cooling, having established a joint venture for embodied intelligence equipment and developed samples for six-dimensional force sensors and electronic mechanical brake sensors [3] - A strategic partnership was formed with a national-level specialized company to leverage strengths in automotive thermal management and smart energy management, aiming to build a supply chain for energy storage and data centers [3] Profit Forecast - The company is expected to benefit from the ongoing trends of electrification and intelligentization in the automotive industry, with projected net profits of 186 million, 243 million, and 316 million yuan for 2025-2027, representing year-on-year growth rates of 34.96%, 30.6%, and 30.09% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported strong performance in Q3 2025, with revenue reaching 2.93 billion yuan, a year-over-year increase of 42.13% and a quarter-over-quarter increase of 11.55% [6][9] - The automotive market remains robust, with the company's products covering nearly all automotive brands in China, contributing to a significant increase in sales [9] - The company is actively investing in R&D, with a 49.60% year-over-year increase in R&D expenses, focusing on robotics and liquid cooling technologies [9] Financial Data and Profit Forecast - For the first three quarters of 2025, the company achieved revenue of 796 million yuan, a year-over-year increase of 43.84%, and a net profit of 130 million yuan, up 37.24% year-over-year [6][8] - The projected total revenue for 2025 is 1,108 million yuan, with a year-over-year growth rate of 34.0% [8] - The estimated net profit for 2025 is 194 million yuan, reflecting a growth rate of 40.4% [8] Investment Analysis - The company has a solid order book with key clients like BYD, which reported a sales increase of 18.64% year-to-date [9] - The company is expected to release additional production capacity in 2026, which will likely enhance its earnings potential [9] - The report has revised profit forecasts upward, estimating net profits of 1.94 billion yuan for 2025, 2.52 billion yuan for 2026, and 3.05 billion yuan for 2027 [9]

Financial Data and Key Metrics Changes - The company reported bookings of $1.2 billion for the quarter, representing a 1% increase year-over-year and a sequential improvement of over $130 million [4][3] - Revenue grew by 4% year-over-year, with adjusted gross margins increasing by 240 basis points to 34.8% and adjusted operating margins rising to 14.8% [3][14] - Adjusted earnings per share (EPS) was $0.90, a 45% increase compared to the prior year [3] - The company raised its adjusted EPS guidance range for 2025 to $3.40-$3.50, reflecting a 31% increase from the previous year and over 60% from 2023 [2][24] Business Line Data and Key Metrics Changes - The aftermarket segment continued to perform strongly, with bookings exceeding $600 million for the sixth consecutive quarter [4] - Excluding engineered pump original equipment bookings, overall bookings growth was 9% across the remaining portfolio [6] - The FTD segment saw bookings growth of 24% and sales growth of 7%, with adjusted operating margins expanding by 230 basis points [15][16] Market Data and Key Metrics Changes - The power market, particularly nuclear, showed strong growth, with over $140 million in nuclear bookings, a record for the company [5] - Mining project activity increased over 60% year-over-year, indicating a recovery in that sector [7] - The company reported a year-to-date book-to-bill ratio of 1.0 times, with expectations for a full-year book-to-bill of approximately 1.0 times [7] Company Strategy and Development Direction - The company is focused on driving sustainable growth, expanding margins, and enhancing cash flow, with a commitment to capital allocation that supports growth opportunities [12][26] - The Flowserve business system is being leveraged to improve operational excellence and margin expansion, with the 80/20 complexity reduction program showing early benefits [19][25] - The company is strategically positioned to capitalize on the growing nuclear market, with expectations of significant opportunities in the next decade [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the aftermarket business, citing strong refinery and chemical plant utilization as key growth drivers [31] - The project environment is viewed as constructive, with expectations for continued growth in power and nuclear sectors [33][35] - The geopolitical and macro environment needs to stabilize for operators to gain confidence in project investments, but overall sentiment for 2026 and beyond is positive [35] Other Important Information - The company announced a divestment of legacy asbestos liabilities, which is expected to simplify capital structure and enhance cash flow by $15 million to $20 million annually [23][62] - Cash from operations for the quarter was $402 million, with free cash flow conversion at an impressive 174% when excluding the merger termination payment [22] Q&A Session Summary Question: Can you provide context on the operating environment and pipeline? - Management highlighted strong aftermarket performance and a shift in focus from large engineered projects to a more resilient business model, with aftermarket growth expected to continue [31][32] Question: What is the outlook on pricing and competitive dynamics? - Pricing has remained sticky in the aftermarket business, with the company confident in maintaining a price-cost neutral or slightly positive position moving forward [36][39] Question: Can you elaborate on the margin improvements in the FTD segment? - The FTD segment achieved a 410 basis point sequential improvement in operating margins, driven by operational excellence and the integration of MOGAS [48][49] Question: What is the expected market share for the nuclear flow control opportunity? - The company has content in 75% of the existing nuclear reactors and is well-positioned to capture a significant share of the projected $10 billion opportunity over the next decade [52][54]

Financial Data and Key Metrics Changes - The company raised its adjusted EPS guidance range for 2025 to $3.40 to $3.50, representing a 31% increase from the previous year and over 60% from 2023 [2][24] - Bookings for the quarter were $1.2 billion, a sequential increase of over $130 million and a 1% growth year-over-year [4][3] - Adjusted gross margins increased by 240 basis points to 34.8%, while adjusted operating margins rose to 14.8%, driven by incremental margins of 115% during the quarter [3][14] - Adjusted earnings per share was $0.90, a 45% increase compared to the prior year [3] Business Line Data and Key Metrics Changes - The aftermarket franchise delivered strong performance with bookings exceeding $600 million for six consecutive quarters, and two of the last three quarters saw aftermarket bookings above $650 million [4][6] - Excluding engineered pump original equipment bookings, bookings growth was 9% across the remaining portfolio [6] - The FTD segment reported bookings growth of 24% and sales growth of 7%, with adjusted operating margins expanding by 230 basis points [15][16] Market Data and Key Metrics Changes - Power and nuclear markets showed strength, with nuclear bookings reaching over $140 million, a record for the company [5][10] - Mining project activity increased over 60% year-over-year, indicating a positive trend in that sector [7] - The company expects a book-to-bill ratio of approximately 1.0 times for the full year, supported by a strong project funnel [7] Company Strategy and Development Direction - The company is focused on driving sustainable growth, expanding margins, and enhancing cash flow, with a commitment to capital allocation that supports growth opportunities [12][26] - The Flowserve business system is being leveraged to drive margin expansion and operational excellence [12][19] - The company is strategically positioned to capitalize on the growth in the nuclear sector, with expectations of significant opportunities in the coming decade [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the aftermarket business, citing strong refinery and chemical plant utilization as key growth drivers [31] - The geopolitical and macro environment needs to stabilize for operators to gain confidence in project investments, but management remains optimistic about growth in 2026 and beyond [35] - The company anticipates continued strong performance in nuclear and power markets, with potential for double-digit growth [10][12] Other Important Information - The company announced a divestment of legacy asbestos liabilities, which is expected to simplify capital structure and enhance cash flow by $15 million to $20 million annually [23][62] - Free cash flow conversion was reported at an impressive 174%, with a focus on improving working capital management [22][64] Q&A Session Summary Question: Can you provide context on the operating environment and pipeline? - Management noted strong aftermarket performance and a constructive project environment, with expectations for continued growth in power and nuclear sectors [31][33] Question: How is pricing in the marketplace? - Pricing has been stable, with the aftermarket business showing strong price retention despite tariff impacts [37][39] Question: Can you elaborate on the margin improvements in FTD? - The integration of MOGAS has positively impacted margins, with operational excellence and the 80/20 program contributing to overall margin improvements [43][48] Question: What is the expected market share for the nuclear flow control opportunity? - The company has content in 75% of the existing nuclear reactors and is well-positioned to capture a significant share of the projected $10 billion opportunity [52][54]