Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance exceeded expectations, with a revenue of 12.877 billion yuan for Q1-3 2025, representing a year-on-year growth of 26%. The net profit attributable to the parent company reached 1.418 billion yuan, up 131% year-on-year [6] - The introduction of the roller active water washing product has driven significant growth in both domestic and international sales, with Q3 revenue reaching 4.201 billion yuan, a 29% increase year-on-year [6] - The company is benefiting from the old-for-new subsidy policy, and new business segments are progressing well, including window-cleaning robots and lawn-mowing robots, which are expected to contribute to revenue in 2025 [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 19.94 billion yuan, with a year-on-year growth rate of 20.5%. The net profit is forecasted to be 1.975 billion yuan, reflecting a 145% increase year-on-year [2][8] - The gross profit margin is expected to stabilize at around 48.7% for 2025, with a return on equity (ROE) projected at 22.4% [2][8] - The earnings per share (EPS) is anticipated to be 3.41 yuan for 2025, with a price-to-earnings (PE) ratio of 27 [2][8] Market Data - As of October 24, 2025, the closing price of the stock was 91.16 yuan, with a market capitalization of 52.132 billion yuan [3] - The stock has a price-to-book ratio of 6.6 and a dividend yield of 0.49% [3]