The company announced third-quarter results: revenue of 0.363 billion yuan, +21.87% year over month, +18.43% month on month; net profit to mother 0.074 billion yuan, +0.38% year on year, -0.02% month on month. In the first three quarters, the company achieved revenue of 0.919 billion yuan, +14.03% year on year; net profit to mother was 0.191 billion yuan, -10.74% year over year. The company's Q3 revenue factor is a high increase in the company's consolidated statement. In the future, with the release of the subsidiary's net profit, Colisense's overall net profit is expected to grow rapidly.

Q3 gross margin and net margin declined month-on-month, mainly due to non-recurring profit and loss affecting the company's gross profit margin of 43.17% in the third quarter, -2.25 pct year on year, -0.31 pct month on month; net profit margin 23.88%, -3.27 pct year on year, and -2.29 pct month on month. The company's gross profit margin for the first three quarters was 43.32%, -0.35pct compared to 2024H1-0.11pct; the net profit margin was 23.68%, -4.87pct yoy, compared to 2024H1+0.13pct.

The year-on-year decline in net interest rate is due to a change in fair value caused by an increase in the cost ratio and lower current wealth management earnings than the same period last year.

The cost rate increased slightly. The subsidiary also increased sales and management expenses. The company's overall expense ratio for the third quarter was 23.38%, +2.27pct year on year, +1.72pct month on month, with sales expenses ratio 6.33%, +1.08pct year on year, +0.93pct month on month; management expense ratio 7.10%, -0.21pct year on year, +0.74pct month on month; R&D expense ratio 8.26%, +0.87pct year on month; financial expense ratio 1.70%, +0.54 pct month on month, + month-on-month 0.34pct The increase in sales and management expense ratios was mainly due to the addition of new subsidiaries.

The results of the “Sensor Forest” strategy are beginning to show. The six-dimensional force sensor is being sent to Huawei, which is deepening the industry's equipment downward and weaving the industrial ecosystem upward to create a sensor “forest” belonging to Ke Li. According to the investor response platform, the company's six-dimensional force sensor was also sent directly to Huawei, and the product is progressing smoothly. According to institutional research on September 12, the company's investment in mergers and acquisitions focused on sensors and the industrial Internet of Things. It has formed a business layout in four major fields, including intelligent industrial measurement, control and measurement, smart logistics equipment, energy and environmental equipment measurement, and robot sensors. Currently, it covers more than 20 types of sensors, including mechanics, electricity, optical fiber temperature measurement, water quality monitoring, temperature, pressure, light curtain, gas, and strong vibration, which initially established the Group's sensor forest strategy.

Profit forecasting and valuation

Considering weak downstream demand for force sensors, we slightly lowered the company's 2024-2026 net profit to 0.306 billion yuan, 0.349 billion yuan, and 380 million yuan (previous values of 0.319 billion yuan, 0.364 billion yuan, and 397 million yuan). The year-on-year growth rates were -1.99%, 13.98%, and 8.76%, respectively, and the corresponding EPS was 1.09, 1.24, and 1.35 yuan. Comparatively, the company's 2025 PE was 41x. Considering the company's layout in the sensor forest and robotics field, we gave the company a 2025 PE 42x, with a target price of 52.08 yuan, maintaining the purchase rating.

Risk warning: Competition in the industry intensifies; downstream demand is slowing down; robot sensors are falling short of expectations.