Ginlong Technologies(SZ:300763) Di Yi Cai Jing·2025-10-15 08:37Core Viewpoint - Jinlang Technology plans to issue new bonds worth 1.677 billion yuan on October 17, amid a significant decline in its stock price and a decrease in net profit for the third quarter of 2025 [1][3]. Financial Performance - For the first three quarters of 2025, Jinlang Technology reported revenue of 5.663 billion yuan, a year-on-year increase of 9.71%, and a net profit attributable to shareholders of 865 million yuan, up 29.39% year-on-year [3]. - In the third quarter of 2025, the company achieved revenue of 1.869 billion yuan, a slight increase of 3.43% year-on-year, but the net profit dropped by 16.85% year-on-year and over 35% quarter-on-quarter [3][4]. - The company attributed earlier growth to increased demand in the market, particularly in high-power inverter products and energy storage series [3]. Bond Issuance and Fund Utilization - Jinlang Technology intends to raise 1.677 billion yuan through the issuance of convertible bonds, which will be used for various projects including distributed photovoltaic power stations and new high-voltage inverter projects [3][4]. - The projects are expected to enhance production capacity significantly, adding 25,000 units of high-voltage inverters and 25,000 units of medium-power energy storage inverters, with projected annual net profits of approximately 77.28 million yuan and 124 million yuan respectively [4]. Market Position and Industry Outlook - According to Wood Mackenzie, Jinlang Technology ranks third globally in inverter product shipments, accounting for about 5% of the total global inverter shipments in 2024 [5]. - The global inverter market is expected to grow steadily, with shipments projected to reach 685.47 GW by 2030, driven by increasing demand in both photovoltaic and energy storage sectors [5].