Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][21] Core Views - The company has demonstrated significant year-on-year growth in revenue and profit, with Q3 2025 revenue reaching 821 million yuan, up 59% year-on-year, and net profit attributable to shareholders at 33 million yuan, up 94% year-on-year [1][8] - The company has a robust order backlog, with new orders signed in the first half of 2025 amounting to 2.251 billion yuan, a 70% increase year-on-year, and a total backlog of 2.214 billion yuan as of Q3 2025, up 21% year-on-year [1][10] - The gross margin is expected to recover in Q4 2025, with Q3 gross margin at 8.53%, down 1.47 percentage points from Q2 [2][11] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.116 billion yuan, a 46% increase year-on-year, and a net profit of 96 million yuan, a 29% increase year-on-year [1][8] - The company’s cash flow remains healthy, with net cash flow from operating activities for the first three quarters of 2025 at 121 million yuan, an increase of 99 million yuan year-on-year [2][15] - The company’s contract liabilities, reflecting advance payments, stood at 175 million yuan as of Q3 2025, a 34% increase year-on-year [2][15] Profit Forecast - The profit forecast for the company indicates net profits of 142 million yuan, 206 million yuan, and 305 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 24.1%, 45.4%, and 47.9% [3][16]

Core Viewpoint - Sheng Hui Integration (603163) has shown a positive stock performance with a weekly increase of 5.78%, closing at 45.75 yuan, and has secured a significant project in Vietnam, which is expected to enhance its overseas engineering capabilities and positively impact its performance [1][2]. Weekly Highlights - The company’s stock reached a weekly high of 47.1 yuan and a low of 42.14 yuan, with one instance of a limit-up closing and no limit-down closing during the week [1]. - The total market capitalization of Sheng Hui Integration is currently 4.575 billion yuan, ranking 28th out of 39 in the professional engineering sector and 3524th out of 5160 in the A-share market [1]. - The company announced that its subsidiary won a bid for the public facility system engineering project from Jandian Vietnam (Zhoude) Electronics Co., Ltd., with a contract value of approximately 278 million yuan (pre-tax) [1]. Project Details - The project is located in the Zhoude Industrial Zone in Ho Chi Minh City, Vietnam, and is expected to enhance the company's ability to undertake overseas engineering projects and accumulate project experience [1]. - The contract has not yet been formally signed, and the company will disclose further project developments in a timely manner [1].

Key Points - Hang Seng Electronics has sold a total of 8.109954 million shares of Ying Shisheng A-shares [1][2] - Chuanfa Longmang's subsidiary plans to invest in a 100,000 tons/year lithium dihydrogen phosphate project [1] - Shenghui Integration's subsidiary in Vietnam has won a public system engineering project worth approximately 278 million yuan [1][2] - Jinlong Automobile intends to transfer 63.0757% of its equity in Suzhou Jinlong to the company [1][2] - Hunan Haili has completed the repurchase of 2.9996% of its shares [2] - Shengtun Mining has completed the repurchase of 1.8968% of its A-shares [1][2] - Yiwei Lithium Energy reported a net profit of 1.211 billion yuan for the third quarter, a year-on-year increase of 15.13% [1] - Lixin Micro's controlling shareholder Yijing Investment plans to reduce its stake by no more than 3.00% [1][2] - Shuangliang Energy plans to raise no more than 1.292 billion yuan through a private placement [1][2] - Kebo Da intends to issue convertible bonds to raise no more than 1.491 billion yuan [1][2]

Group 1 - The core point of the article is that ShengHuei Engineering Technology Company Limited, a subsidiary of ShengHuei Integrated, has been awarded a contract by Jentec Vietnam (Zhou De) Electronics Co., Ltd. for a public system engineering project in Vietnam, with the contract notification received on October 23, 2025 [2] Group 2 - The announcement highlights the strategic expansion of ShengHuei Integrated's operations in Vietnam through this contract [2] - The project signifies a potential growth opportunity for the company in the Southeast Asian market [2] - The collaboration with Jentec Vietnam may enhance the company's reputation and operational capabilities in the region [2]

Group 1 - Sheng Huei Engineering Technology Company Limited, a subsidiary of Sheng Hui Integrated, has been awarded a contract by Jian Ding Vietnam (Zhou De) Electronics Co., Ltd. for the public system engineering project, with a contract value of approximately 278 million yuan [1] - As of the latest report, Sheng Hui Integrated has a market capitalization of 4.7 billion yuan [2]

Core Viewpoint - Sheng Huei Integrated Group Co., Ltd. announced a significant breakthrough in its overseas business expansion by winning a bid for a public facility system engineering project in Vietnam, valued at approximately 278 million RMB (before tax) [1][2]. Group 1: Project Details - The project is awarded by Jien Ding Vietnam (Zhou De) Electronics Co., Ltd., a PCB manufacturing plant established by Jien Ding Technology Co., Ltd. in Vietnam, focusing on high-end PCB products [2]. - The project will provide essential infrastructure support for the production base in Vietnam, located in Ho Chi Minh City [2]. - The bid amount is VND 1,028,000,000,000, equivalent to about 278 million RMB (before tax) [2]. Group 2: Impact on Company Operations - Winning this bid enhances the company's competitiveness in the Southeast Asian electronic manufacturing infrastructure sector [2]. - The project will help the company accumulate experience in large-scale overseas engineering contracting, serving as a model for future market expansion in Vietnam and surrounding countries [2]. - The company stated that this project will not affect its operational independence and will not create dependency on a single client [2].

圣晖系统集成集团股份有限公司 关于子公司重大项目收到中标结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圣晖系统集成集团股份有限公司越南子公司 Sheng Huei Engineering Technology Company Limited（以下简称"越南圣晖"）于 2025 年 10 月 23 日 收到健鼎越南(周德)电子有限公司发来的中标通知书，确认越南圣晖成为「健鼎 越南（周德）电子有限公司公设系统工程」的承包单位。现将相关情况公告如下： 一、客户信息 健鼎越南(周德)电子有限公司，为健鼎科技股份有限公司在越南设立的 PCB制造工厂，主要生产高阶HDI板、服务器板等高端PCB产品。 二、中标项目概况 三、中标项目对公司的影响 证券代码：603163 证券简称：圣晖集成 公告编号：2025-056 此次日常经营合同的签订，有利于提高公司在海外工程业务的承接能力，为 公司后续海外工程项目的开拓和合作提供更多经验，对公司业绩产生积极影响。 本合同的履行对公司业务独立性不构成影响，亦不会因履行该合同而对交易对方 形 ...

Core Viewpoint - Sheng Huei Engineering Technology Company Limited, a subsidiary of Sheng Hui Integrated (603163.SH), has won a contract from Jentech Vietnam (Zhou De) Electronics Co., Ltd. for a public system engineering project in Vietnam, with a contract value of approximately 278 million RMB (before tax) [1] Group 1 - The contract was awarded on October 23, 2025, confirming Sheng Huei's role as the contractor for the project [1] - The total contract amount is VND 1,028,000,000,000, which translates to about 278 million RMB [1]

Core Insights - The professional engineering sector experienced a slight increase of 0.03% on October 23, with Shenghui Integration leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Stock Performance Summary - Shenghui Integration (603163) saw a significant rise of 10.01%, closing at 46.59 with a trading volume of 54,300 shares and a turnover of 246 million [1] - Other notable gainers included Shikong Technology (605178) with a 9.99% increase, closing at 39.41, and Zhitex New Materials (300986) which rose by 4.72% to 12.21 [1] - Conversely, Zhonghua Rock and Soil (002542) experienced the largest decline at 5.83%, closing at 4.20, with a trading volume of 3.7388 million shares and a turnover of 1.654 billion [2] Capital Flow Analysis - The professional engineering sector saw a net outflow of 339 million from institutional investors, while retail investors contributed a net inflow of 200 million [2] - Notably, Shenghui Integration had a net inflow of 60.77 million from institutional investors, representing 24.69% of its trading volume [3] - In contrast, Zhonghua Chemical (601117) experienced a net inflow of 47.51 million from institutional investors, but also saw significant outflows from retail investors [3]

Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of nine stocks by the end of the third quarter, with six new entries and two increased holdings [1][2]. Group 1: Pension Fund Holdings - By the end of the third quarter, pension accounts held a total of 103 million shares across nine stocks, with a combined market value of 3.281 billion yuan [1]. - The largest holding was in Haiyou Development, with pension funds holding 65.3843 million shares, making them the ninth and fourth largest shareholders [1]. - The second largest holding was in Guoyao Shares, with 20.318 million shares held by pension funds, ranking as the fourth largest shareholder [1]. Group 2: Stock Performance and Changes - Among the stocks held by pension funds, four had a market value exceeding 100 million yuan, including Chuncheng Power, Guoyao Shares, and Haiyou Development [1]. - The stock with the highest net profit growth in the third quarter was Dingtong Technology, achieving a net profit of 176.572 million yuan, a year-on-year increase of 125.39% [3]. - The pension fund's longest-held stock is Chuncheng Power, which has appeared in the top ten shareholders for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]. Group 3: Sector Distribution - The pension fund's holdings are distributed across different boards, with five stocks on the main board, one on the Sci-Tech Innovation Board, and three on the Growth Enterprise Market [3]. - The pension fund's holdings include stocks from various industries, such as oil and petrochemicals, pharmaceuticals, automotive, basic chemicals, telecommunications, electronics, mechanical equipment, beauty care, and construction decoration [3].