Vatti(SZ:002035) Xin Lang Cai Jing·2025-10-29 12:48Core Viewpoint - Huadi Co., Ltd. is a well-known kitchen and bathroom appliance company in China, recognized for its high quality, innovative technology, and comprehensive after-sales service, with a strong market competitiveness and cost-effectiveness [1] Group 1: Business Performance - In Q3 2025, Huadi's revenue reached 4.158 billion yuan, ranking second in the industry, while the industry leader, Boss Electric, reported 7.312 billion yuan [2] - The main business revenue breakdown shows that range hoods generated 1.169 billion yuan (41.76% of total revenue) and stoves generated 734 million yuan (26.21% of total revenue) [2] - The net profit for the same period was 355 million yuan, also ranking second in the industry, with Boss Electric leading at 1.145 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huadi's debt-to-asset ratio was 43.81%, down from 46.49% year-on-year, which is higher than the industry average of 29.86% [3] - The gross profit margin for the same period was 43.29%, an increase from 40.50% year-on-year, exceeding the industry average of 35.95% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.61% to 35,500, while the average number of circulating A-shares held per shareholder increased by 2.68% to 22,000 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 52.7199 million shares, a decrease of 9.1954 million shares from the previous period [5] Group 4: Management Compensation - The chairman and president, Pan Yejiang, received a salary of 911,100 yuan in 2024, an increase of 180,000 yuan from 731,100 yuan in 2023 [4] Group 5: Market Outlook - Huadi's revenue and net profit showed a year-on-year decline in Q3 2025, primarily due to the impact of real estate pressures and reduced government subsidies [5] - The company has been expanding its new retail channel, opening over 1,000 new stores in the first half of 2025, with a gross margin of 41.5% for this channel [5] - Analysts maintain profit forecasts for 2025-2027, expecting net profits of 453 million, 466 million, and 502 million yuan respectively, with a target price of 7.42 yuan based on a 14x PE ratio [5]