Core Insights - The company reported a revenue of 1.937 billion and a net profit of 205 million for the first three quarters of 2025, showing a year-on-year increase of 5.11% and 9.17% respectively [1] - The company has established a strong presence in overseas markets, particularly in Europe and North America, with a significant increase in overseas orders and revenue [2] - A partnership with Qingtao Energy has been formed to advance solid-state battery technology, which is expected to accelerate the industrialization process [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.937 billion, a net profit of 205 million, and a non-recurring net profit of 197 million, with gross and net profit margins of 28.08% and 15.55% respectively [1] - In Q3 2025, the company reported a revenue of 664 million, a net profit of 53 million, and a non-recurring net profit of 52 million, with a gross profit margin of 26.31% [1] Market Expansion - The company has successfully penetrated the European market since 2018 and is expanding into North America, with a projected 483% year-on-year increase in overseas revenue by 2024 [2] - The company aims to deepen its local network in Spain by 2025, further enhancing its market presence [2] Technological Advancements - A formal agreement was signed with Qingtao Energy to establish a joint laboratory for solid-state battery technology, focusing on manufacturing processes and equipment [3] - The company is also targeting the semi-solid battery equipment market, with potential applications in vehicles like the SAIC MG4 [3] Investment Outlook - The company is expected to achieve net profits of 295 million, 421 million, and 541 million from 2025 to 2027, with corresponding EPS of 2.35, 3.35, and 4.31 [3] - The company is rated as "recommended" due to its stable core business and advancements in solid-state battery research [3]