25Q1-Q3 公司毛利率38.71%（同比-3.97pp），净利率15.90%（同比-3.01pp），主要系公司自动化生产 线业务毛利率相较整机偏低，其占比快速提升影响整体毛利率水平。费用方面，公司25Q1-Q3 费用率 22.79%，同比+2.09pp；其中销售费用率、管理费用率、研发费用率、财务费用率分别为8.61%、 6.88%、7.53%、-0.24%（同比-0.60pp、+0.88pp、+1.53pp、+0.28pp），其中管理费用增加主要系营业 收入增加，相应的营业成本增加所致，研发费用增加主要系公司加大研发投入，研发人员增加所致。 产品布局优势凸显，全产业链自主可控 公司公布25 年三季报，25Q1-Q3 收入4.00 亿元，同比+5.01%；归母净利0.64 亿元， 同比-11.53% 。其 中Q3 收入1.06 亿元， 同比/ 环比-15.97%/-35.32%；归母净利0.15 亿元，同比/环比-37.56%/-46.80%，主 要系本报告期内销售收入同比减少及股份支付费用增加所致。公司不断推出高端新品实现国产替代，同 时深耕航空航天行业，持续拓展民用领域应用，我们看好公司引领高端机床的 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 81.74 [7]. Core Views - The company reported a revenue of RMB 400 million for the first three quarters of 2025, representing a year-on-year increase of 5.01%, while the net profit attributable to shareholders was RMB 64 million, a decrease of 11.53% year-on-year. The third quarter saw a revenue of RMB 106 million, down 15.97% year-on-year and 35.32% quarter-on-quarter, primarily due to a decrease in sales revenue and an increase in share-based payment expenses [1]. - The company is focusing on high-end product launches to achieve domestic substitution and is deepening its engagement in the aerospace industry while continuously expanding applications in the civilian sector. The outlook for the company leading high-end machine tool domestic substitution is positive [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 38.71%, down 3.97 percentage points year-on-year, and the net profit margin was 15.90%, down 3.01 percentage points year-on-year. The decline in gross margin is attributed to the lower gross margin of the automation production line business, which is rapidly increasing in proportion [2]. - The expense ratio for the first three quarters of 2025 was 22.79%, an increase of 2.09 percentage points year-on-year. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 8.61%, 6.88%, 7.53%, and -0.24%, respectively [2]. Product and Market Positioning - The company has a complete product layout, forming a competitive advantage of full industry chain autonomy. It has four general technology platform products and four specialized technology platform products, widely used in aerospace, energy, automotive, shipbuilding, molds, low-altitude economy, and medical fields [3]. - The company is expanding into emerging fields, focusing on low-altitude economy and humanoid robots. It is developing high-end precision manufacturing equipment for components of drones and helicopters, and its control algorithms and servo drives can be adapted for humanoid robot control systems [4]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down by 5.82%, 10.38%, and 7.64%, respectively, to RMB 163 million, RMB 210 million, and RMB 268 million, with a three-year compound growth rate of 27.25%. The corresponding EPS is projected to be RMB 1.22, RMB 1.58, and RMB 2.01 [5]. - The company is assigned a PE valuation of 67 times for 2025, leading to a target price of RMB 81.74, down from the previous value of RMB 87.10 [5].