Event: the company released its three-quarter report in 2023, with revenue of 710 million yuan in the first three quarters of 2023, an increase of 15.4% over the same period last year, and a net profit of 68 million yuan, an increase of 55.3% over the same period last year. In the single quarter of Q3, the operating income was 190 million yuan, up 5.1% from the same period last year, down 47.1% from the previous year; and the net profit from the home was 0.15 yuan, up 19.6% from the same period last year, down 71.9% from the previous year. Affected by the attributes of the industry, the company's performance fluctuates greatly in the season.

New orders and existing orders are sufficient, revenue maintains rapid growth, order structure is optimized, and gross profit margin is higher than the same period last year. In the third quarter of 2023, the company received 620 million yuan of new orders, and a total of 920 million yuan from January to September. By the end of September, the order on hand exceeded 1 billion yuan. With the support of sufficient orders-on-hand, the company's revenue maintained rapid growth. In the first three quarters of 2023, the company's comprehensive gross profit margin was 31.6%, an increase of 7.0% over the same period last year; Q3 was 36.1% in a single quarter, up 12.7% from a year earlier, and 3.5% from a month earlier. The year-on-year increase in the company's gross profit margin is mainly due to the optimization of the order structure.

During the period, the expense rate was generally stable, and the net interest rate increased compared with the same period last year. In the first three quarters of 2023, the company's period expense rate was 20.2%, down 0.4% from the same period last year; Q3 was 26.2% in the single quarter, an increase of 3.9% from the same period last year and 12.8% from the previous quarter. In the first three quarters of 2023, the company's net interest rate was 9.7%, an increase of 2.5% over the same period last year; Q3 was 7.9% in a single quarter, up 1.0% from a year earlier and down 7.0% from a month earlier.

Actively develop warehousing and logistics robots and deepen the expansion of overseas markets. The company's warehousing and logistics robot products have technological leadership, and 2023H1 continues to develop multi-category AGV new products, which are currently mostly used in the pre-production process of lithium battery production line in the new energy industry. This series of products adopt a variety of independent research and development of AGV navigation and scheduling technology, as well as visual secondary precision positioning technology, which can achieve stable operation of large-scale clusters. The company has applied for the establishment of wholly-owned subsidiaries in Germany and the United States-Lanjian Germany and Lanjian USA respectively, taking the two intelligent warehousing systems that have been put into operation in the United States and Germany as demonstration projects to actively explore the international market.

Profit forecast and investment advice. It is estimated that the company's net profit from 2023 to 2025 will be 1.3,1.6 and 210 million yuan respectively, with a compound growth rate of 32.4% over the next three years, maintaining a "buy" rating.

Risk hint: macroeconomic fluctuation risk, raw material price fluctuation risk, industry competition aggravating risk.