Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.035 billion yuan, a year-on-year increase of 18.19%, with third-quarter revenue of 1.028 billion yuan, up 3.70% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 380 million yuan, representing a year-on-year growth of 29.63%, while the third-quarter net profit was 109 million yuan, an increase of 4.80% year-on-year [1] - The company's gross margin for the first three quarters was 30.4%, up 0.9 percentage points year-on-year, and the third-quarter gross margin was 30.8%, up 2.5 percentage points year-on-year [1] Development Trends - The company has made significant progress in its global layout, establishing efficient production bases in China, Asia-Pacific, and North America, with the first phase of the European logistics and production base project completed [2] - The expansion of the Malaysian production base is underway, which will optimize the company's capacity allocation in the Asia-Pacific region, enhancing its ability to respond to geopolitical risks and meet overseas customer demands [2] - The company is deepening its focus on smart manufacturing and product innovation, with core components of robotic actuators entering small-batch production and significant advancements in various product testing phases [2] Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and introduces a new net profit estimate of 560 million yuan for 2026 [3] - The current stock price corresponds to a price-to-earnings ratio of 30.6 times for 2025 and 26.3 times for 2026, with a target price adjustment of 90% to 45.0 yuan, indicating a potential upside of 17.7% from the current stock price [3]