COTRAN(SZ:300731) Xin Lang Cai Jing·2025-10-30 10:53Core Viewpoint - 科创新源 is a leading player in the high-performance special rubber sealing materials sector in China, providing comprehensive solutions with certain technological advantages [1] Group 1: Business Overview - Founded on January 10, 2008, and listed on December 8, 2017,科创新源 specializes in the R&D, production, and sales of high-performance special rubber sealing materials [1] - The company operates in the basic chemical industry, specifically in rubber and other rubber products, and is involved in sectors such as 5G, data centers, nuclear fusion, superconductivity, and nuclear power [1] Group 2: Financial Performance - For Q3 2025,科创新源 reported revenue of 839 million yuan, ranking 5th among 13 companies in the industry, with the industry leader 三维股份 generating 3.391 billion yuan [2] - The revenue breakdown includes: 303 million yuan from heat dissipation metal structural parts (56.03%), 89.25 million yuan from automotive sealing strips (16.51%), 73.79 million yuan from insulation and fireproof materials (13.65%), and 58.49 million yuan from waterproof sealing materials (10.82%) [2] - The net profit for the same period was 32.96 million yuan, ranking 8th in the industry, with the top performer, 海达股份, achieving a net profit of 170 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.32%, higher than the previous year's 42.25% and above the industry average of 33.87% [3] - The gross profit margin for Q3 2025 was 19.12%, down from 21.90% year-on-year and below the industry average of 27.25% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 75.52% to 23,400, while the average number of circulating A-shares held per shareholder decreased by 43.03% to 5,131.48 [5] - Notable changes in the top ten circulating shareholders include the exit of 信澳新能源产业股票A and 信澳智远三年持有期混合A [5] Group 5: Future Outlook - 国金证券 forecasts that科创新源 will become a leading supplier of liquid cooling components for servers, with expected revenue from data center heat management reaching 3 million yuan in 2025, 900 million yuan in 2026, and 2 billion yuan in 2027 [5] - The company is expected to achieve total revenues of 1.29 billion yuan in 2025, 2.51 billion yuan in 2026, and 3.90 billion yuan in 2027, with net profits of 40 million yuan, 150 million yuan, and 250 million yuan respectively [5] -浙商证券 highlights a rapid growth in the company's heat management business, with revenue of 311 million yuan in H1 2025, a year-on-year increase of 95% [6]