隆盛科技(300680):三季度归母净利大幅增长,机器人核心赛道卡位好-点评报告

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、25Q3营收5.86亿元，同比增0.5%，环比降5.3%；归母净利润1.06亿元，同比增109.8%，环比增129.1%；扣非归母净利润0.30亿元，同比降45.1%，环比降32.5%。公允价值变动净收益0.86亿元。费用率10.5%，同比环比分别提升1.1和1个百分点；销售毛利率15.2%，环比降2.8个百分点。2、前三季度营收18.1亿元，同比增10.1%；归母净利润2.1亿元，同比增36.9%；扣非归母净利润1.3亿元，同比降13.5%；销售毛利率17.1%，同比降1.5个百分点。3、赛力斯方面拟就近建厂、投资扩产，重庆公司已取得营业执照。4、机器人业务：谐波减速器轻量化，重量较传统产品减轻30%-40%，预计2026年一季度形成约7万台产能；视触觉传感器获日内瓦发明奖金奖，为灵巧手、电子皮肤提供技术支撑。5、隆盛唯睿更名及注册资本增加至6000万元，上市公司及蔚瀚智能分别持股49%和44%，机器人业务战略地位提升。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计公司2025-2027年实现营业收入32.4/42.3/53.4亿元，同比增长35.1%/30.7%/26.2%；实现归母净利润3.11/4.19/5.13亿元，同比增长38.4%/34.9%/22.4%。PE分别为39.5/29.3/23.9X，维持买入评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：下游客户销量不及预期；机器人业务进展进度不及预期。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>