投资要点
　　营收利润稳步增长，26Q3业绩超市场预期
　　2026年前三季度公司实现营业收入29.70亿元，同比+35.17%；实现归母净利润5.19亿元，同比+24.37%；扣非归母净利润5.13亿元，同比+25.40%。收入增长主要系下游需求旺盛、产品品类全面增长及一站式供应平台能力扩张。2026Q3单季度，公司实现营业收入11.16亿元，同比+51.59%；归母净利润2.01亿元，同比+48.02%；扣非归母净利润1.99亿元，同比+49.61%，单季度收入及利润增速均较上半年明显加快。
　　毛利率维持高位，费用投入增加影响利润释放
　　2026年前三季度公司销售毛利率为39.17%，同比-0.30pct，单Q3销售毛利率为39.56%，同比-0.65pct；前三季度销售净利率为17.48%，同比-1.52pct，单Q3销售净利率为18.00%，同比-0.43pct。期间费用方面，前三季度公司期间费用率为18.32%，同比+1.27pct，其中销售/管理/财务/研发费用率分别为5.32%/8.71%/-0.11%/4.39%，同比+0.19pct/+0.25pct/+0.51pct/+0.32pct。费用增长主要系人员薪酬及推广支出增加、数字化建设及股份支付费用增加、研发投入加大，财务费用率上升主要系存款利息收入减少。
　　经营现金流保持净流入，存货与合同负债较期初增长
　　2026年前三季度公司经营活动现金流净额为3.62亿元，同比+2.96%；单Q3经营活动现金流净额约1.33亿元。截至2026Q3，期末存货6.45亿元，较期初+38.38%、环比-1.72%，主要系订单和销售出库额增加带动原材料、库存及发出商品增加；合同负债0.42亿元，较期初+77.19%，主要系预收货款增加。同期应收账款10.63亿元，较期初+30.31%，主要随销售规模扩大而增长。
　　一站式采购平台持续深化，业务拓展与产能建设同步推进
　　1）FB业务深化：依托原有FA客户资源，推进非标零部件品类拓展、自制与外协协同，通过自动报价、自动编程及柔性产线建设提升交付效率。2）海外布局推进：围绕东南亚、日本及欧美市场，推进全球供应链体系建设与FA核心产品海外落地，完善本地化服务能力。3）产能建设有序推进：截至2026Q3，公司在建工程4.03亿元，较期初+30.44%，主要系智能制造暨华东运营总部项目二期建设投入增加，有望进一步强化区域供应与交付能力。
　　盈利预测与投资评级
　　公司深耕FA工厂自动化零部件一站式采购领域，有望受益于下游自动化需求增长、国产替代及长尾需求整合。我们维持公司2026-2028年归母净利润预测为6.7/8.5/10.4亿元，当前股价对应动态PE分别为25/20/16x，维持“买入”评级。
　　风险提示
　　制造业需求恢复不及预期；市场竞争加剧及盈利能力承压；FB业务拓展不及预期。

　　事件：公司披露2026年三季报业绩。26年前三季度公司实现营业收入29.70亿元，同比+35.17%；实现归母净利润5.19亿元，同比+24.37%。26Q3收入11.16亿元，同比+51.59%；归母净利润2.01亿元，同比+48.02%，环比+6.35%。
　　下游需求多点开花，收入利润加速增长。受益于AI产业链发展，3C、AI硬件、半导体等领域需求旺盛，锂电扩产周期叠加固态等新技术推动需求景气。
　　26年前三季度公司合同负债0.42亿元，同比增长46.62%。公司各下游领域需求快速增长，拉动收入和利润端增长提速。
　　盈利水平有所下滑，费用端投入增加。26年前三季度公司综合毛利率39.17%，同比-0.30pct；净利率17.48%，同比-1.52pct。费用端方面，前三季度公司销售/管理/财务/研发费用率分别为5.32%/8.71%/-0.11%/4.39%，同比分别+0.19pct/+0.25pct/+0.50pct/+0.32pct，费用率提升主要系员工薪酬、推广费用增加、数字化建设投入费用加大、股权激励费用支付等因素影响。
　　数字化提升人效，FAFBFX一站式服务能力持续升级。公司持续拓展产品线及产业链延伸布局，截止26H1已成功开发涵盖233个大类、4259个小类、320余万个SKU的FA工厂自动化零部件产品体系；推动FB非标零部件供给形态不断优化，提升非标零部件加工的流程标准化能力；并通过FX业务解决小微客户一站式采购难题。同时，未来通过AI工具公司自动报价、自动编程、柔性产线效率和质量有望进一步提升，从而更好地增强服务能力和人效。
　　投资建议：预计公司26-28年将分别实现归母净利润6.68亿元、8.27亿元、9.93亿元，对应EPS为1.05、1.30、1.56元，对应PE为26倍、21倍、17倍，维持推荐评级。
　　风险提示：固定资产投资不及预期的风险，下游需求复苏不及预期的风险，市场竞争加剧的风险等。

　　公司公布三季度业绩：26Q1-3实现营业收入29.70亿元，同比+35.17%；归母净利润5.19亿元，同比+24.37%；扣非归母净利润5.13亿元，同比+25.40%。其中26Q3单季营收11.16亿元，同比+51.59%，单季归母净利润2.01亿元，同比+48.02%，均较26Q2进一步加快，主要系下游需求旺盛，产品品类全面增长及一站式供应平台能力扩张。考虑到公司FA平台优势巩固，新兴行业需求旺盛，维持“买入”评级。
　　营收高增系下游需求旺盛，费用投入压制利润增速
　　26Q1-3公司营业收入同比+35.17%，半导体行业收入同比+102%、光伏行业同比+68%、锂电行业同比+42%、3C手机行业同比+25%、其他行业同比+36%，汽车行业同比基本持平，收入结构持续向新兴行业倾斜，新兴下游景气度有望持续传导至公司。归母净利润方面，26Q1-3归母净利润5.19亿元、同比+24.37%，增速低于营收，主要系销售费用同比+40.11%、管理费用同比+39.14%、研发费用同比+45.82%所致；扣非净利润5.13亿元、同比+25.40%。
　　毛利率保持平稳，费用率有所上升
　　26Q1-3毛利率39.17%，同比-0.30pct，26Q3毛利率39.56%，同比-0.65pct；26Q1-3净利率17.48%，同比-1.52pct，26Q3单季18.00%，同比-0.43pct，主要系费用率上升，未来公司毛利率与净利率有望维持高位。26Q1-3销售费用率5.32%，同比+0.19pct，管理费用率8.71%，同比+0.25pct，研发费用率4.39%，同比+0.32pct，财务费用率-0.11%，同比+0.51pct，费用率上升系薪酬、数字化及股份支付等投入增加与利息收入减少所致。
　　供应链效率持续提升，3D打印与华东总部建设推进
　　26Q1-3订单处理量约159万单、同比+20%，出货总项次约603万项次、同比+25%；服务客户约4.63万家、同比增加约0.69万家，上线SKU约373万个、较2025年底增加约88万个，长尾需求触达持续深化。公司26Q1-3新增投资美光（江苏）三维科技2000万元布局3D打印，在建工程较年初+30.44%，主要系怡合达智能制造暨华东运营总部项目二期工程建设投入增加所致，随着新总部的投产与3D增材制造能力的补充，公司长尾需求的供应能力将持续提高。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为6.76/8.21/9.92亿元，对应EPS为1.06/1.29/1.56元。考虑到公司FA平台优势巩固、出海及非标业务打开增量空间，可比公司2027年PE29x（前值2026年38x），给予公司2027年31x（前值2026年40x）PE，目标价为39.99元（前值42.4元）。
　　风险提示：行业竞争加剧；下游需求恢复不及预期；战略推进不及预期。

Yiheda has reported 9M26 revenue of RMB2,970mn (+35.17% YoY), an attributable net profit of RMB519mn (+24.37% YoY), and a recurring net profit of RMB513mn (+25.40% YoY). For 3Q26, revenue was RMB1,116mn (+51.59% YoY) and the attributable net profit was RMB201mn (+48.02% YoY), both accelerating from 2Q26, driven by robust downstream demand, broad-based growth across product categories, and expansion of its one-stop supply platform. With the company’s factory automation (FA) platform edge strengthening and demand from emerging sectors staying strong, we maintain BUY.
Robust downstream demand drove strong revenue growth
For 9M26, revenue rose by 35.17% YoY, with semiconductor/solar/lithium battery/3C and smartphone/other sectors up by 102/68/42/25/36% YoY and the automotive sector broadly flat YoY. The revenue mix is tilting toward emerging sectors, whose strong business momentum should feed through to the company. The attributable net profit grew by 24.37% YoY to RMB519mn, lagging revenue growth mainly because the sales/administrative/R&D expenses rose by 40.11/ 39.14/45.82% YoY. The recurring net profit was RMB513mn (+25.40% YoY).
GPM stable; expense ratios edged up
For 9M26, the GPM was 39.17% (-0.30pp YoY), and the 3Q26 GPM was 39.56% (-0.65pp YoY). For 9M26, the NPM was 17.48% (-1.52pp YoY), and the 3Q26 NPM was 18.00% (-0.43pp YoY), mainly reflecting higher expense ratios. We expect the GPM and NPM to remain at elevated levels going forward. For 9M26, the sales/administrative/R&D/financial expense ratios were 5.32/8.71/4.39/-0.11% (+0.19/+0.25/+0.32/+0.51pct YoY). The increase was driven by higher spending on compensation, digitalization, and share-based payments, as well as lower interest income.
Supply chain efficiency improved
For 9M26, the company processed approximately 1.59mn orders (+20% YoY) and shipped approximately 6.03mn line items (+25% YoY). It served approximately 46.3k customers (up by approximately 6.9k YoY), with approximately 3.73mn SKUs listed online (up by approximately 880k from end-2025), deepening its reach into long-tail demand. In 9M26, the company invested RMB20mn in FastForm to build a presence in 3D printing. Construction in progress rose by 30.44% from the beginning of the year, mainly on increased investment in phase-II construction of the Yiheda Intelligent Manufacturing and East China Operations Headquarters project. As the new headquarters comes on stream and additive manufacturing capabilities are added, the company’s ability to serve long-tail demand should keep improving.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts of RMB676/821/992mn, with EPS of RMB1.06/1.29/1.56. Peers trade at 29x 2027E PE on Wind consensus (previous: 38x 2026E PE). Given the company’s expanding FA platform edge and the incremental growth opportunities from overseas expansion/non-standard parts business, we apply a premium and value the stock at 31x 2027E PE (previous: 40x 2026E PE). Our target price is RMB39.99 (previous: RMB42.4).
Risks: intensifying competition, slower-than-expected recovery in downstream demand, slower-than-expected strategy execution.

Dongguan Yiheda has reported 1H26 revenue of RMB1,854mn (+26.90% YoY), an attributable net profit of RMB318mn (+12.97% YoY), and a recurring net profit of RMB314mn (+13.69% YoY). For 2Q26, revenue was RMB1,107mn (+31.70% YoY), with an attributable net profit of RMB189mn (+18.27% YoY), accelerating further from 1Q26, driven by demand from new energy and other industries. Maintain BUY, as the company's FA platform advantages remain intact and overseas expansion and non-standard business could contribute revenue.
Strong revenue growth driven by new energy demand
For 1H26, revenue rose 26.90% YoY. By industry, new energy revenue was RMB476mn (+48.35% YoY) and 3C + mobile phone revenue was RMB406mn (+15.10% YoY), both faring well. By product, linear motion components revenue was RMB532mn (+33.51% YoY) and transmission components revenue was RMB238mn (+37.28% YoY). The attributable net profit for 1H26 was RMB318mn (+12.97% YoY), with growth lagging revenue due to higher administrative and selling expenses. The recurring net profit was RMB314mn (+13.69% YoY).
Earnings forecasts and valuation
Given downstream industry momentum, we raise our revenue growth forecasts for the lithium battery and 3C segments and lift our 2026/2027/2028 attributable net profit estimates by 6.43/5.57/6.51% to RMB676/821/992mn, with EPS of RMB1.06/1.29/1.56. Comparable companies trade at an average 2026E PE of 38x (previous: 41x) on Wind consensus. As Yiheda’s FA platform advantages remain intact and overseas expansion and non-standard business could contribute incremental revenue, but monetization still takes time, we assign a 2026E PE of 40x (previous: 47x) for our target price of RMB42.40 (previous: RMB47). BUY.
Risks: intensifying industry competition, slower downstream demand recovery than we expect, and slower strategy execution than we expect.

　　公司发布2025年报和2026年一季报，收入实现较快增长。2025年实现营业收入29.48亿元，同比增长17.71%；实现归母净利润5.12亿元，同比增长26.60%。2026Q1实现营业收入7.46亿元，同比增长20.39%；实现归母净利润1.29亿元，同比增长6.02%。
　　2025年公司毛利率39.14%，同比提升3.89个百分点。主要原因：1）产品结构优化，直线运动零部件、传动零部件、机械加工件等高毛利品类收入占比提升；2）客户结构优化，面向核心合作客户深化前置协同配套服务，深度绑定长期合作订单；同步完善全域客户服务体系，优化全流程采购对接体验，全面提升各类客户合作粘性与优质订单占比。
　　公司毛利率水平有望维持，实现路径主要有以下几点：1）产品力持续提升，通过精益生产和集成供应链体系，持续提升品质、交期；2）产品结构调整，锂电光伏等性价比要求高的行业推出更适合客户的产品体系；3）怡合达自有品牌持续开发；4）高毛利率、高壁垒行业持续破局。
　　FB业务市场空间大，有望成为第二增长曲线。现阶段公司重点在围绕非标单散件服务能力的构建，包括自动报价、自动编程、柔性产线等，同时公司也在逐步与外协供应商建立合作，目前稳定合作的大概几十家。目前华南、华东合计有十几条柔性线在运行，稼动率有显著提升，非标零散件制造设备稼动率由之前12%提升至37%，最高峰达80%。今年公司将继续加大对非标零散件制造能力投入，华南、华东计划合计投完二十多条线。
　　海外业务是重点拓展方向，正构建本地化运营能力。现阶段海外开拓重点以基础设施建设为主，阶段性完成怡合达越南有限公司信息化系统搭建，作为试点打造海外本土运营能力，租用厂房已投入使用，符合当地使用习惯和当地语言的电商平台、选型手册已上线。公司正在构建海外长尾化需求一站式服务所需的本土运营能力，解决海外客户之前“零部件单独设计+线下多家供应商采购”方式面临的品类、交期、品控等各种痛点。
　　投资建议：预计公司2026-2028年实现营收35.36/41.65/48.19亿元，归母净利润6.30/7.47/8.59亿元，EPS为0.99/1.18/1.35元，PE估值分别为30/25/22倍，低于可比公司平均估值。首次覆盖，给予“推荐”评级。
　　风险提示：下游需求不及预期、行业竞争加剧、新产品开发进展不及预期。