汽车安全电子龙头股均胜电子（600699.SH）11月3日晚间公布了港股上市发行价，定价为22港元，相比 A股最新收盘价折价大约32%。11月4日，均胜电子跌4.43%，报收29.57元，相比9月19日近40元的高点 累计调整超过25%。 有业内人士表示，虽然有机器人新业务支撑，但这部分业务对业绩贡献不好预判，海外投资者依然按照 汽车零部件行业作为参考定价，市盈率是25倍左右。 受益机器人概念，均胜电子在第三季度股价一度翻倍。不过，10月29日晚间公布的三季报显示，均胜电 子环比收入出现了负增长，不能满足投资者预期，中国人寿在第三季度也减持了超过300万股，仍然持 有619.45万股，持仓占总股本比例下降到0.44%，随后均胜电子连跌多日。 港股IPO折价32%，第三季度收入环比下滑 11月4日，均胜电子公告，公司确定本次H股发行价格为每股22港元，预计将于2025年11月6日在香港联 交所主板挂牌交易。该发行价对应市盈率约25倍左右，较A股最新收盘价折价32%。 有香港投行人士向第一财经记者表示，香港IPO都是由海外机构投资者主导，定价比较理性，虽然均胜 电子一度沾上人形机器人概念，但海外投资者更多还是看成 ...

Core Viewpoint - The company reported strong financial performance in Q3 2025, exceeding expectations with revenue of 15.497 billion yuan and a net profit of 413 million yuan, indicating a positive growth trajectory in its operations [2][3]. Financial Performance - In Q3 2025, the company achieved a revenue of 15.497 billion yuan, reflecting a quarter-on-quarter increase of 10.25% and a year-on-year increase of 1.74%. The net profit attributable to the parent company was 413 million yuan, with a year-on-year growth of 35.40% [2]. - The gross profit margin improved to 18.62%, up 2.9 percentage points quarter-on-quarter, driven by cost reduction measures and operational efficiency improvements [3]. Cost Management and R&D Investment - The company’s operating expenses increased, with a Q3 2025 expense ratio of 14.59%, up 3.26 percentage points quarter-on-quarter, primarily due to increased R&D investment and efforts to expand new orders [5][6]. - The net cash flow from operating activities for Q1-Q3 2025 was 3.64 billion yuan, a year-on-year increase of 19.32%, providing financial support for R&D and capacity expansion [6]. Order Growth and Client Base - New business orders saw explosive growth in Q3 2025, with a total lifecycle value of new orders reaching 40.2 billion yuan, a 67% increase compared to the average of the previous two quarters [7]. - The proportion of new orders from leading domestic brands and new energy vehicle manufacturers continues to rise, becoming a core driver of order growth [7]. Technological Advancements - The company launched an innovative robot controller solution, integrating power supply and heat dissipation, marking a significant advancement in robotics [8]. - A partnership with Alibaba Cloud was established to develop AI capabilities for robots, enhancing the company's technological offerings in the robotics sector [8]. Profit Forecast and Investment Rating - The company maintains revenue forecasts for 2025-2027 at 67.4 billion, 72.8 billion, and 78.2 billion yuan, with corresponding net profits of 1.61 billion, 1.95 billion, and 2.32 billion yuan, indicating strong growth potential [9].