[Table_Title] 证券研究报告 / 公司动态报告 主业稳健增长，电镀半导体打开长期成长空间 [Table_Summary] 前三季度公司业绩保持较快增长，盈利能力持续改善。2025 年前三季度 公司实现营业收入 20.0 亿元，同比+15.4%；实现归母净利润 3.2 亿元， 同比+27.2%；前三季度公司毛利率 28.4%，同比提升 3.5pct。分业务来 看，冲压零部件业务仍为公司收入增长的核心支撑，25H1 实现收入 8.5 亿元，同比+41.1%；分拼总成业务实现收入 2.4 亿元，同比+16.7%；精 密电镀业务实现收入 0.9 亿元，毛利率 77.4%，持续体现高附加值属性。 传统客户需求修复，新能源客户项目放量。公司业绩增长主要受益于： ①上汽销量回升，分拼总成业务量端修复。公司分拼总成业务与上汽乘 用车需求高度相关，2025 年前三季度上汽集团整车批售量保持逐季回 升，其中三季度批售量达 114.1 万辆，同比大幅增长 38.7%，需求端改善 为公司分拼总成业务提供了稳定的订单支撑。②新能源客户项目放量， 冲压业务贡献重要增量。公司冲压零部件业务已配套特斯拉、理想、小 米等新能源整车 ...

Group 1: Company Insights - The report highlights the continuous improvement in the financial performance of Guoshengtang, with a revenue of 1.495 billion yuan in H1 2025, representing a 9.5% year-on-year increase, and a net profit of 152 million yuan, up 41.9% year-on-year [3][4] - Guoshengtang has launched 10 AI models in traditional Chinese medicine, enhancing service quality and patient experience through AI technology [3] - The company has maintained a high cash dividend and stock repurchase ratio, with a mid-year dividend of 0.35 HKD per share and a total repurchase amount of 166 million HKD as of October 3, 2025 [4] Group 2: Industry Trends - The report notes that the industrial automation sector is experiencing a recovery, with Inovance Technology achieving a revenue of 20.509 billion yuan in H1 2025, a 26.73% increase year-on-year, and a net profit of 2.968 billion yuan, up 40.15% year-on-year [17][19] - The electric vehicle sector is also highlighted, with Inovance's revenue from this segment reaching 9 billion yuan in H1 2025, a 50% increase year-on-year, driven by new model launches and increased production [20] - The automotive industry is seeing a shift towards high-end and intelligent upgrades, supported by government policies encouraging vehicle replacement, which is expected to boost sales in 2025 [33]