证券研究报告·北交所公司点评报告·汽车零部件 开特股份（920978） 2025 业绩快报点评：全年扣非业绩同比 +32%，看好储能/机器人/液冷新业务增量 买入（维持） 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 653.27 | 826.36 | 1,096.34 | 1,392.61 | 1,780.34 | | 同比（%） | 26.93 | 26.50 | 32.67 | 27.02 | 27.84 | | 归母净利润（百万元） | 113.70 | 137.85 | 171.67 | 239.16 | 309.34 | | 同比（%） | 46.92 | 21.24 | 24.54 | 39.32 | 29.34 | | EPS-最新摊薄（元/股） | 0.63 | 0.77 | 0.95 | 1.33 | 1.72 | ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong performance and growth prospects [3][6]. Core Insights - The company achieved a revenue of 796 million yuan in the first three quarters of 2025, representing a year-on-year growth of 43.84%. The net profit attributable to shareholders was 130 million yuan, up 37.24% year-on-year [3][6]. - The company's products have gained significant brand recognition and competitive advantages in the industry, with a diverse client base including major automotive manufacturers and new energy vehicle companies [6]. - Research and development (R&D) expenses increased by 49.60% to 38 million yuan, reflecting the company's commitment to innovation and product development [6]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 32.43%, slightly down by 0.05 percentage points compared to the same period last year [6]. - The company forecasts earnings per share (EPS) of 1.02 yuan and 1.37 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 40 and 30 [6][7]. - The total revenue is projected to grow from 826 million yuan in 2024 to 1.799 billion yuan in 2027, indicating a strong upward trend [7].