Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5]. Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 445 million yuan in the first three quarters of 2025, a year-on-year increase of 20.25%. The net profit attributable to the parent company reached 102 million yuan, up 19.68% year-on-year [1]. - In Q3 2025, the company reported a revenue of 162 million yuan, representing a significant year-on-year increase of 48.04%, with net profit rising by 60.87% to 36 million yuan [1][2]. - The company is focusing on international expansion and technological innovation, with notable progress in high-performance bearing technology and applications in various industries [4]. Financial Performance - The gross profit margin for the first three quarters of 2025 was 37.22%, a slight decrease of 0.95 percentage points year-on-year. The company maintained stable operating expenses, with sales, management, and financial expense ratios at 4.38%, 5.89%, and -1.44%, respectively [3]. - Research and development expenses increased by 7.22% year-on-year to 17 million yuan [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of 572 million yuan, 636 million yuan, and 709 million yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 133 million yuan, 147 million yuan, and 164 million yuan for the same years [5][7]. - The earnings per share (EPS) are forecasted to be 1.53 yuan, 1.70 yuan, and 1.88 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 34.51, 31.20, and 28.06 [5][7]. Market Position and Strategy - The company specializes in the sliding bearing segment, with applications in high-end equipment across energy generation, industrial drives, petrochemicals, and marine sectors. The international order volume has significantly increased, and the company has successfully secured multiple international projects [4]. - The strategic acquisition agreement with Levicron and the establishment of a European center have enhanced the company's international brand influence and technological collaboration capabilities [4].