Tianan New Material(SH:603725) Xin Lang Cai Jing·2025-10-30 09:09Core Viewpoint - Tianan New Materials, established in 2000 and listed in 2017, specializes in polymer composite surface materials and building ceramics, with a full industry chain capability in product R&D and design [1] Group 1: Business Performance - In Q3 2025, Tianan New Materials reported revenue of 2.273 billion yuan, ranking 5th among 13 companies in the industry, with the industry leader Marco Polo achieving 4.938 billion yuan [2] - The net profit for the same period was 112 million yuan, placing the company 3rd in the industry, while Marco Polo's net profit was 1.062 billion yuan [2] - The company achieved a revenue growth of 4.0% year-on-year in H1 2025, totaling 1.444 billion yuan, with a net profit growth of 16.6% to 62 million yuan [6] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Tianan New Materials was 67.44%, down from 69.61% year-on-year but still above the industry average of 39.52% [3] - The gross profit margin for Q3 2025 was 22.86%, slightly below the industry average of 23.08%, but up from 22.16% in the previous year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.51% to 17,100, while the average number of circulating A-shares held per account decreased by 1.49% to 16,800 [5] Group 4: Leadership and Compensation - Chairman Wu Qichao's compensation for 2024 was 614,400 yuan, a decrease of 2,600 yuan from 2023 [4] Group 5: Market Position and Future Outlook - The company is focusing on expanding its market share in building ceramics, with a 6% increase in ceramic sales in H1 2025, and a 23.3% increase in revenue from fireproof board materials [6] - The company is also advancing its high polymer business, with a 36.0% increase in automotive interior revenue [6] - Future net profit projections for 2025-2027 are 122 million, 158 million, and 199 million yuan, respectively, with corresponding PE ratios of 28X, 21X, and 17X [6]