Investment Rating - The investment rating for the report is "Buy" (maintained) [1] Core Insights - The company has benefited from increased domestic customer volume, leading to continuous improvement in profitability. The net profit for the first three quarters of 2025 increased by 87.47% year-on-year, primarily due to significant growth in other income [7][9] - The company is expanding its international business through its subsidiary in Thailand, leveraging its core automotive component advantages and advanced technical management experience to enhance overseas business scale [9] - The automotive hose market in China is projected to grow significantly, with the market size expected to reach 236.99 billion yuan in 2023, 247.56 billion yuan in 2024, and 259.09 billion yuan in 2025, driven by the increasing value per vehicle due to the rise of new energy vehicles [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 807 million yuan, a year-on-year increase of 16.35%, and a net profit attributable to the parent company of 80 million yuan, a year-on-year increase of 87.47% [7] - The gross margin for the first three quarters of 2025 was 33.29%, a decrease of 2.34 percentage points year-on-year, while the net margin increased by 3.64 percentage points to 10.11% [9] - The company’s revenue projections for 2025-2027 are 1.145 billion yuan, 1.370 billion yuan, and 1.586 billion yuan, with corresponding year-on-year growth rates of 18.58%, 19.66%, and 15.75% respectively [11] Market Data Summary - The total share capital is 98.03 million shares, with a circulation ratio of 72.18%. The stock price has fluctuated between 24.97 yuan and 10.78 yuan over the past 12 months [2] - The company’s relative returns over the past 1 month, 3 months, and 12 months are 33.67%, 27.43%, and 100.56% respectively, indicating strong performance compared to the market [3]