Beijing Tianma Intelligent (SH:688570) Xin Lang Cai Jing·2025-10-30 11:12Core Viewpoint - Tianma Intelligent Control is a leading enterprise in the field of unmanned intelligent mining, focusing on the research, production, sales, and service of unmanned intelligent mining control technology and equipment [1] Group 1: Business Performance - As of Q3 2025, Tianma Intelligent Control reported revenue of 1.081 billion yuan, ranking 14th in the industry, below the top competitor, Huichuan Technology, which had 31.663 billion yuan [2] - The main business composition includes unmanned intelligent mining control system solutions at 426 million yuan (65.36%), spare parts at 156 million yuan (23.96%), and operation and maintenance services at 61.13 million yuan (9.38%) [2] - The net profit for the same period was 78.848 million yuan, also ranking 14th in the industry, significantly lower than Huichuan Technology's 4.317 billion yuan [2] Group 2: Financial Ratios - The debt-to-asset ratio for Q3 2025 was 25.78%, an increase from 22.28% year-on-year, but still below the industry average of 34.21% [3] - The gross profit margin for Q3 2025 was 33.10%, which is relatively stable compared to the industry average of 33.30% [3] Group 3: Management and Shareholder Information - The chairman, Liu Zhiguo, received a salary of 1.101 million yuan in 2024, an increase of 861,800 yuan from 2023 [4] - The total number of A-share shareholders decreased by 6.60% to 13,200 as of September 30, 2025, while the average number of shares held per shareholder increased by 7.07% to 14,200 [5] Group 4: Market Position and Future Outlook - Tianma Intelligent Control maintains a leading market share in core products, with a 37.7% market share in SAC system contracts and 25.4% in SAM system contracts for the first half of 2025 [5] - The company is expected to achieve net profits of 168 million yuan, 199 million yuan, and 224 million yuan for the years 2025, 2026, and 2027 respectively, with diluted EPS of 0.39, 0.46, and 0.52 yuan [5]