01 事件概述 公司发布2025年三季度报告，2025年前三季度营收18.10亿元，同比+10.13%；归母2.10亿元，同比+36.89%；扣非1.30亿元，同比-13.53%；其中2025Q3营 收5.86亿元，同比+0.48%，环比-5.28%；归母1.06亿元，同比+109.83%，环比+129.13%；扣非0.30亿元，同比-45.11%，环比-32.51%。 02 分析判断 ► 营收保持稳健 公允价值变动驱动归母高增 1）收入端： 2025Q3营收5.86亿元，同比+0.48%，环比-5.28%，整体保持稳健； 2）利润端： 2025Q3归母净利润1.06亿元，同比+109.83%，环比 +129.13%；扣非0.30亿元，同比-45.11%，环比 -32.51 %。2025Q3毛利率为15.23%，同比-2.68pct，环比-2.78pct，归母净利率为18.02%，同比 +9.39pct，环比+10.57pct。归母净利润及归母净利率同比高增，主要系公司非经常性损益中，公允价值变动损益达0.87亿元所致； 3）费用端： 2025Q3销售/管 理/研发/财务费用率分别为0.73%/4.19%/4 ...

隆盛科技（300680.SZ）系列点评二 25Q3 归母高增 机器人布局全面推进 2025 年 10 月 21 日 ➢ 事件：公司发布 2025 年三季度报告，2025 年前三季度营收 18.10 亿元， 同比+10.13%；归母 2.10 亿元，同比+36.89%；扣非 1.30 亿元，同比-13.53%； 其中 2025Q3 营收 5.86 亿元，同比+0.48%，环比-5.28%；归母 1.06 亿元，同 比+109.83%，环比+129.13%；扣非 0.30 亿元，同比-45.11%，环比-69.83%。 ➢ 营收保持稳健 公允价值变动驱动归母高增。1）收入端：2025Q3 营收 5.86 亿元，同比+0.48%，环比-5.28%，整体保持稳健；2）利润端：2025Q3 归母净 利润 1.06 亿元，同比+109.83%，环比+129.13%；扣非 0.30 亿元，同比-45.11%， 环比-69.83%。2025Q3 毛利率为 15.23%，同比-2.68pct，环比-2.78pct，归母 净利率为 18.02%，同比+9.39pct，环比+10.57pct。归母净利润及归母净利率 同比高增，主要 ...

Core Viewpoint - The company is positioned as a leader in EGR and core components for new energy drive motors, with a three-pronged growth strategy focusing on EGR, new energy and precision components, and aerospace robotics [1] Group 1: Business Segments - The company has established a strong presence in EGR, serving major clients such as BYD, Chery, and Geely [1] - In the robotics sector, the company is developing harmonic reducers, tactile sensors, and dexterous hands, with a focus on advanced designs and lightweight products [2] - The harmonic reducer production capacity is expected to reach 70,000 units by Q1 2026, leveraging superior design and materials [1][2] - The company has made a strategic investment in a technology firm to develop high-performance tactile sensors, which have received international recognition [1][2] Group 2: Electric Motor Components - The electric motor components business is transitioning to semi-assembly, enhancing product value and competitiveness [2] - The company has successfully launched its first rotor and stator semi-assembly product in June 2025, following a project agreement with a major client [2][3] Group 3: New Product Launches - The new Wanjie M7 model is set to launch in September 2025, expected to significantly contribute to the company's revenue growth [2] Group 4: Strategic Partnerships and Investments - The company plans to invest approximately 200 million yuan in a new lightweight component production base in Chongqing, focusing on electric vehicle parts [3] - A strategic partnership with Galaxy Aerospace has been established to develop key precision components for commercial aerospace applications, with significant growth in project volume expected [3] Group 5: Financial Projections - Revenue forecasts for 2025-2027 are projected at 3.238 billion, 4.233 billion, and 5.342 billion yuan, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% respectively [4] - Net profit estimates for the same period are 311 million, 419 million, and 513 million yuan, with growth rates of 38.4%, 34.9%, and 22.4% respectively [4]

Core Viewpoint - The company reported a revenue of 1.224 billion yuan for H1 2025, representing a year-on-year increase of 15.44%, while the net profit attributable to shareholders was 105 million yuan, up 1.38% year-on-year [2] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 25.03% and a quarter-on-quarter increase of 2.06% [2] - The net profit attributable to shareholders for Q2 2025 was 46 million yuan, down 9.04% year-on-year and down 21.49% quarter-on-quarter [3] - The gross profit margin for Q2 2025 was 18.01%, a decrease of 1.46 percentage points year-on-year, primarily due to changes in accounting standards and adjustments in sales expenses [3] Business Growth and Cost Management - The EGR (Exhaust Gas Recirculation) business experienced rapid growth, driven by the strong performance of leading domestic car manufacturers and breakthroughs in heavy-duty truck EGR systems [3] - The company’s sales, management, R&D, and financial expense ratios for Q2 2025 were 0.42%, 3.88%, 3.62%, and 1.56% respectively, with notable changes attributed to accounting adjustments and increased costs [3] Production and Technological Advancements - The company is accelerating its production line upgrades, particularly in the electric motor core components, which significantly enhance product value and competitiveness [4] - The establishment of a dual-path approach in "core components + complete machine R&D" is underway, focusing on both robot assembly and breakthroughs in key components like harmonic reducers [5] Investment Outlook - The company maintains a solid position as a leader in the EGR market, with a three-dimensional growth strategy encompassing traditional business, new energy initiatives, and international expansion [6] - Revenue projections for 2025-2027 are estimated at 2.898 billion yuan, 3.648 billion yuan, and 4.523 billion yuan respectively, with net profits expected to reach 253 million yuan, 339 million yuan, and 478 million yuan [8]