Hanbell(SZ:002158) Xin Lang Cai Jing·2025-10-30 09:39Core Viewpoint - Hanbell Precise Machinery is a leading company in the domestic screw compressor sector, focusing on application technology and possessing a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Hanbell's revenue reached 2.265 billion yuan, ranking 5th among 17 companies in the industry, with the top competitor, Ice Wheel Environment, generating 4.835 billion yuan [2] - The main business revenue composition includes compressor revenue of 1.077 billion yuan (72.36%), vacuum products at 276 million yuan (18.57%), parts and maintenance at 117 million yuan (7.88%), and casting products at 17.66 million yuan (1.19%) [2] - The net profit for the same period was 393 million yuan, ranking 3rd in the industry, with the leading company achieving 488 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hanbell's debt-to-asset ratio was 29.97%, lower than the previous year's 31.96% and below the industry average of 36.25%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 34.90%, down from 40.74% year-on-year but still above the industry average of 24.91%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.50% to 33,800, while the average number of circulating A-shares held per shareholder increased by 10.50% to 15,800 [5] - Notable shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.735 million shares, and new entrants like Morgan Stanley Digital Economy Mixed A [5] Group 4: Market Outlook - The company is experiencing pressure on performance due to declining demand in the photovoltaic sector, but the compressor business is benefiting from increased AI cooling demand [5] - The semiconductor vacuum pump domestic substitution is accelerating, and the data center construction is expected to drive future growth [6] - Revenue projections for 2025-2027 are 2.989 billion, 3.123 billion, and 3.436 billion yuan, with net profits of 509 million, 612 million, and 679 million yuan respectively [6]