Investment Rating - The investment rating for the company is maintained as "Buy" [3][6]. Core Insights - The company reported a revenue of 160 million yuan for the first three quarters of 2025, representing a year-on-year decline of 12.20%. The net profit attributable to the parent company was 35 million yuan, down 27.08% year-on-year [6]. - The company is expected to face pressure on gross margins and has adjusted its profit forecasts for 2025-2027, estimating net profits of 52 million, 80 million, and 101 million yuan respectively [6]. - The company is actively expanding its collaboration with automotive manufacturers and has launched high-pressure winch products suitable for new energy vehicles to meet market demand [7]. Financial Summary - For 2025, the company is projected to achieve a revenue of 249 million yuan, a slight decrease of 1.5% year-on-year, with a net profit of 52 million yuan, reflecting a decline of 16.8% [10]. - The gross margin is expected to decrease to 38.2% in 2025, with a net margin of 20.7% [10]. - The earnings per share (EPS) for 2025 is estimated at 0.49 yuan, with a price-to-earnings (P/E) ratio of 37.0 times [10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue and profit improved quarter-on-quarter in Q2 2025, with new products like robotic drive joints expected to create a second growth curve [5][8] - The domestic modified vehicle market is projected to reach a total scale of 160 billion RMB in 2025, with a nearly 100% annual growth rate for customized modifications [8] - The company has established strategic partnerships with major domestic automotive manufacturers, enhancing its market presence [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 101 million RMB and a net profit attributable to shareholders of 22.33 million RMB, with a year-on-year increase in operating cash flow of 64.36% [8] - Q2 2025 revenue was 59 million RMB, reflecting a quarter-on-quarter increase of 41%, while net profit rose by 38.48% [8] - Revenue forecasts for 2025-2027 are 314 million RMB, 391 million RMB, and corresponding net profits of 80 million RMB and 101 million RMB, indicating strong growth potential [7][8] Product and Market Development - The company is launching high-pressure winch products suitable for new energy vehicles in the domestic market and expanding its electric winch and electric pedal products in overseas markets [8] - New products such as robotic drive joints and electric pedal drive joints are expected to significantly contribute to future growth [8] - The company has completed multiple rounds of small-batch trials and tests for its new products, achieving key performance targets [8]