szclou(SZ:002121) Xin Lang Cai Jing·2025-10-29 12:35Core Viewpoint - Kelu Electronics is a leading energy service provider in China, with a strong focus on electrical instruments, power automation, and renewable energy solutions, showcasing a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Kelu Electronics achieved a revenue of 3.586 billion yuan, ranking first among 14 companies in the industry, surpassing the second-ranked Haixing Electric by 0.17 billion yuan [2] - The revenue composition includes 1.282 billion yuan from energy storage (49.83%), 1.254 billion yuan from smart grid (48.74%), and smaller contributions from property and energy management services [2] - The net profit for the same period was 264 million yuan, placing the company fifth in the industry, with the top performer, Haixing Electric, reporting a net profit of 730 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Kelu Electronics had a debt-to-asset ratio of 90.59%, an increase from 89.35% year-on-year, significantly higher than the industry average of 30.70% [3] - The gross profit margin for the period was 31.33%, down from 32.02% year-on-year, and below the industry average of 34.67% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.23% to 75,000, while the average number of shares held per shareholder decreased by 6.74% to 18,700 shares [5] - Hong Kong Central Clearing Limited is the third-largest shareholder, increasing its holdings by 35.065 million shares [5] Group 4: Management and Compensation - The chairman, Qiu Xiangwei, has not seen any change in compensation, while the president, Li Gefeng, received a salary of 2.7547 million yuan in 2024 [4] Group 5: Market Outlook - In the first half of 2025, Kelu Electronics reported a revenue of 2.573 billion yuan, a year-on-year increase of 34.66%, and a net profit of 190 million yuan, up 579.14% [6] - The energy storage segment showed significant growth, with a revenue of 1.282 billion yuan, a 177.15% increase year-on-year, and plans for expansion into international markets [6] - Future revenue projections for 2025 to 2027 are 5.475 billion yuan, 6.992 billion yuan, and 8.495 billion yuan, with net profits expected to grow significantly during the same period [6]