Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 34.84 CNY, compared to the current stock price of 24.87 CNY [5][8]. Core Insights - The company reported a revenue of 2.859 billion CNY for the first three quarters of 2025, a year-on-year decrease of 1%, and a net profit of 43 million CNY, down 74% year-on-year [1][2]. - The decline in profit is attributed to several factors, including significant non-recurring losses from foreign exchange, increased fixed costs due to capacity ramp-up at a project, underperformance of a U.S. solar mounting factory, and lower-than-expected domestic offshore wind demand [2]. - The company has a strong order backlog of 2.903 billion CNY, with 2.431 billion CNY from wind power equipment and 206 million CNY from solar equipment [3]. - The subsidiary, Haipuman Robotics, is set to begin mass production of exoskeleton robots by 2026, which is expected to create a new growth curve for the business [4]. Financial Summary - The company is projected to achieve net profits of 150 million CNY, 320 million CNY, and 370 million CNY for 2025, 2026, and 2027, respectively, with growth rates of -14%, 111%, and 16% [5]. - The current price-to-earnings (PE) ratios are 29, 14, and 12 for the years 2025, 2026, and 2027, respectively [5]. - The company’s gross margin for the first three quarters of 2025 was 20.2%, with a slight decrease in the third quarter [1][2].

Core Viewpoint - The company, Zhenjiang Co., has established a strong relationship with Siemens Energy, which enhances its market position in the gas turbine sector [1] Group 1: Customer Relationships - Siemens Energy is a key customer for the company, indicating a significant partnership that may lead to increased business opportunities [1] - The company has a competitive advantage in overseas customer channels, which is crucial for expanding its market reach [1] Group 2: Product Offerings - The company continues to supply steel structure products such as gas turbine generator bases and housings, which are essential components for gas turbines [1] - The rapid growth of the gas turbine industry is expected to drive demand for the company's products, leading to better business increments in gas turbine orders [1] Group 3: Market Recognition - There is an increasing recognition of the company's products among its customers, which is likely to contribute positively to future order volumes [1]

Core Insights - The wind power equipment sector experienced a slight increase of 0.27% on November 6, with Feiwo Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Wind Power Equipment Sector Performance - Feiwo Technology (301232) saw a significant rise of 12.24%, closing at 53.90, with a trading volume of 121,200 shares and a transaction value of 622 million [1] - Zhenjiang Co., Ltd. (603507) increased by 6.23%, closing at 26.41, with a trading volume of 195,800 shares [1] - Other notable performers included Zhonghuan Hailu (301040) up 2.70% and Weili Transmission (300904) up 2.16% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 240 million from institutional investors, while retail investors saw a net inflow of 290 million [2] - The detailed capital flow for key stocks showed that Jin Feng Technology (002202) had a net inflow of 44.54 million from institutional investors, despite a net outflow of 88.28 million from speculative funds [3] - Zhenjiang Co., Ltd. (603507) also faced a net outflow of 42.82 million from speculative funds, while retail investors contributed a net inflow of 0.98 million [3]

Core Viewpoint - The company has a strong channel advantage with deep ties to overseas customers, which is expected to enhance its business growth in the gas turbine sector as demand increases [1] Group 1: Company Performance - The company is continuously shipping steel structure products such as gas turbine generator bases and enclosures to overseas gas turbine customers [1] - The rapid development of the gas turbine industry and the increasing recognition of the company's products by customers are anticipated to lead to better business growth in gas turbine orders [1]

Core Viewpoint - The company, Zhenjiang Co., has a strong channel advantage with deep ties to overseas customers, which is expected to enhance its business growth in the gas turbine sector as demand increases [1] Group 1: Company Performance - Zhenjiang Co. is continuously shipping steel structure products such as gas turbine generator bases and enclosures to overseas gas turbine customers [1] - The rapid development of the gas turbine industry and the increasing recognition of the company's products by customers are anticipated to lead to better business growth in gas turbine orders [1]

Core Viewpoint - The A-share market has seen a strong performance in the power equipment sector, with several stocks hitting the daily limit up, indicating positive investor sentiment and potential growth in this industry [1]. Group 1: Stock Performance - HaiLu Heavy Industry (002255) increased by 10.02%, with a market capitalization of 10.9 billion and a year-to-date increase of 136.48% [2]. - Xizi Clean Energy (002534) rose by 10.00%, with a market capitalization of 15.7 billion and a year-to-date increase of 72.29% [2]. - Keda Technology (002518) also saw a 10.00% increase, with a market capitalization of 28.4 billion and a year-to-date increase of 118.54% [2]. - Deyang Co., Ltd. (605117) increased by 7.68%, with a market capitalization of 78.9 billion and a year-to-date increase of 50.13% [2]. - Zhenjiang Co., Ltd. (603507) rose by 6.92%, with a market capitalization of 4.899 billion and a year-to-date increase of 11.89% [2]. - KOTAI Power (300153) increased by 6.05%, with a market capitalization of 1.17 billion and a year-to-date increase of 131.40% [2]. - Dongfang Risen (300118) rose by 5.14%, with a market capitalization of 14.5 billion and a year-to-date increase of 5.84% [2]. Group 2: Technical Indicators - The formation of a MACD golden cross signal suggests a bullish trend for these stocks, indicating potential further price increases in the near future [1].

Core Viewpoint - The company, Zhenjiang Co., Ltd. (振江股份), has experienced a decline in both revenue and net profit for the first three quarters of 2025, with significant impacts attributed to foreign exchange losses and increased fixed costs due to new project investments [3][4]. Shareholder Changes - As of September 30, 2025, the number of shareholders decreased to 21,200, a reduction of 25.31% compared to June 30, 2025 [2][5]. - The average number of shares held per shareholder increased from 6,487 to 8,685, with an average holding value of 231,400 yuan [2]. Performance Disclosure Highlights - For the first three quarters of 2025, the company reported revenue of 2.859 billion yuan, a year-on-year decrease of 1.15% [3][4]. - The net profit attributable to shareholders was 43.52 million yuan, down 73.6% year-on-year, primarily due to foreign exchange losses and increased non-recurring losses from hedging [3][4]. - The third quarter alone saw revenue of 1.025 billion yuan, a year-on-year increase of 9.56%, but the net profit dropped by 32.75% to 27.83 million yuan [3][4]. Financial Summary - The company's debt ratio stands at 68.63%, with financial expenses amounting to 101 million yuan and a gross profit margin of 20.19% [3]. - The net cash flow from operating activities was -200 million yuan, worsening by 337.22% year-on-year, mainly due to increased working capital expenditures from production ramp-up [4]. - Total assets reached 7.841 billion yuan, reflecting a growth of 13.23% compared to the end of the previous year, while equity attributable to shareholders decreased by 2.04% to 2.422 billion yuan [4].

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,024,863,106.36, representing a year-on-year increase of 9.56%[3] - Total profit for the period decreased by 29.60% to CNY 39,232,361.06, while net profit attributable to shareholders fell by 32.76% to CNY 27,828,898.59[3] - The company reported a significant decline in net profit for the year-to-date period, down 73.60% to CNY 43,522,391.60[3] - Net profit for the first three quarters of 2025 was CNY 44,322,394.25, a significant decline of 73.7% from CNY 168,283,477.13 in the previous year[18] - The company's total liabilities rose to CNY 5,381,317,555.54, compared to CNY 4,407,588,107.74 in the previous year, reflecting an increase of 22.1%[16] - Total equity attributable to shareholders decreased to CNY 2,421,730,699.53 from CNY 2,472,228,295.82, a decline of 2.04%[16] - The company reported a total comprehensive income of CNY 45,748,020.86 for the first three quarters of 2025, down from CNY 167,351,394.99 in 2024[19] Cash Flow - The net cash flow from operating activities was negative at CNY -78,097,329.88, indicating a significant decline compared to the previous year[3] - The net cash flow from operating activities for the year-to-date period decreased by 337.22% due to inventory and receivables from capacity ramp-up[8] - Cash inflow from operating activities totaled $2,822,113,359.16, a decrease from $3,068,453,925.54 in the previous period, reflecting a decline of approximately 8.0%[22] - Net cash outflow from operating activities was $200,373,335.33, compared to a net inflow of $85,931,358.37 previously[22] - Total cash inflow from financing activities was $2,644,285,935.27, compared to $1,742,435,880.38, representing an increase of about 51.8%[23] - Net cash flow from financing activities improved to $468,116,987.32 from $19,854,334.14, indicating a positive shift[23] Assets and Liabilities - Total assets increased by 13.23% to CNY 7,840,970,023.00 compared to the end of the previous year[4] - Total current assets as of September 30, 2025, amount to ¥3,635,481,847.96, an increase from ¥3,449,009,439.61 as of December 31, 2024[14] - Total liabilities as of September 30, 2025, are ¥4,579,958,641.78, up from ¥3,772,414,269.15[15] - Non-current assets total ¥4,205,488,175.04, up from ¥3,475,744,605.95[15] - The company's total assets reached CNY 7,840,970,023.00, up from CNY 6,924,754,045.56, indicating a growth of 13.2%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 21,220[11] - The largest shareholder, Hu Zhen, holds 41,206,155 shares, representing 22.36% of total shares[12] Operational Costs and Expenses - Total operating costs increased to CNY 2,675,911,652.51, up 1.03% from CNY 2,641,656,971.61 year-over-year[17] - Research and development expenses for the first three quarters were CNY 99,678,674.19, an increase of 7.99% from CNY 93,181,646.59 in the same period last year[18] - Cash paid to employees increased to $427,795,363.94 from $383,652,032.62, an increase of about 11.5%[22] Non-Recurring Items - Non-recurring losses totaled CNY -8,943,449.56 for the year-to-date period, reflecting various financial impacts[7] - Deferred income increased to CNY 69,117,340.20 from CNY 55,571,140.37, marking a rise of 24.3%[16] Inventory and Receivables - Accounts receivable increased to ¥740,927,586.12 from ¥537,573,267.85[14] - Inventory increased to ¥1,404,356,288.59 from ¥1,116,055,651.85[14] - Cash received from tax refunds was $130,676,998.59, compared to $181,248,379.90, a decrease of approximately 27.7%[22]

Core Viewpoint - The stock price of Zhenjiang Co., Ltd. (603507) is primarily influenced by market capital flow, industry cycles, macroeconomic factors, and investor sentiment, which are beyond the company's control [1] Summary by Categories Company Factors - Zhenjiang Co., Ltd. acknowledges that its stock price is affected by factors that the company cannot manage, including market capital flow and investor sentiment [1] Industry Factors - The company highlights that industry cycles play a significant role in influencing its stock price, indicating the importance of broader industry trends [1] Macroeconomic Factors - Macroeconomic conditions are noted as a critical factor impacting the stock price, suggesting that external economic environments can significantly affect company performance [1]

Core Viewpoint - The major shareholder of Zhenjiang Co., Ltd. (603507) reduced their holdings primarily due to personal financial needs, which is unrelated to the company's operational status and development prospects [1] Summary by Relevant Sections - **Shareholder Actions** - The major shareholder's reduction in holdings is attributed to personal financial requirements [1] - **Company Performance** - The reduction in shareholding is stated to have no connection with the company's operational performance or future outlook [1]