Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 75.3 yuan, compared to the current stock price of 47.36 yuan [5][8]. Core Insights - The company reported strong Q3 2025 performance, with revenue of 3.19 billion yuan, a year-on-year increase of 22.48% and a quarter-on-quarter increase of 26.43%. The net profit attributable to shareholders was 369 million yuan, up 15.15% year-on-year and 46.5% quarter-on-quarter [1][2]. - The next-generation braking technology, EMB, has seen regulatory progress that exceeds expectations, positioning the company as a core player in the EMB sector. The first batch of functional samples has been successfully developed, and the company has prepared for 600,000 sets of EMB capacity through convertible bond financing [3]. - The company is accelerating global customer expansion, with ongoing capacity expansion at its Mexico plant [4]. Financial Performance - For Q3 2025, the company achieved a gross margin of 20.55%, with a significant improvement in profitability driven by economies of scale and ongoing cost reduction efforts [14]. - The company’s net profit forecasts for 2025-2027 are 1.52 billion, 2.02 billion, and 2.71 billion yuan, respectively, with corresponding P/E ratios of 18.9, 14.2, and 10.6 [16][18].