Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 18.45 CNY per share [4][8]. Core Views - The company reported a year-on-year improvement in Q3 2025 performance, with revenue of 1.13 billion CNY, up 0.41% year-on-year and 7.64% quarter-on-quarter, driven by increased shipments from major clients like Tesla, Li Auto, and BYD [2][3]. - The company's net profit for Q3 2025 reached 99 million CNY, a significant increase of 70.43% year-on-year, although it decreased by 5.5% quarter-on-quarter [2][3]. - The company is accelerating its transition towards humanoid robotics and expanding its global footprint, with new production capacities in Mexico and Thailand expected to enhance its support for global clients in new business areas [3][4]. Revenue Summary - Q3 2025 revenue was 1.13 billion CNY, with a year-on-year increase of 0.41% and a quarter-on-quarter increase of 7.64% [2]. - Major clients contributing to revenue growth include Tesla, which saw a quarter-on-quarter sales increase of 26% in Q3 2025, and Li Auto, which increased its sales by 1.4 thousand units [2]. Profitability Summary - The company's net profit for Q3 2025 was 99 million CNY, reflecting a year-on-year growth of 70.43% but a quarter-on-quarter decline of 5.5% [2]. - The gross margin for Q3 2025 was 21.45%, up 3.23% year-on-year but down 1.3 percentage points quarter-on-quarter, attributed to new projects ramping up and fluctuations in aluminum prices [2][3]. Future Outlook - The company is projected to achieve net profits of 440 million CNY, 600 million CNY, and 740 million CNY for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 37, 27, and 22 times [4][6]. - The report anticipates a continued focus on expanding into humanoid robotics and energy storage, with significant investments in production capabilities in Mexico and Thailand [3][4].