GONGJIN(SH:603118) Xin Lang Zheng Quan·2025-10-30 11:33Core Viewpoint - Gongjin Co., Ltd. is a leading manufacturer in the broadband communication terminal industry, with a focus on broadband communication terminals and smart home systems, showcasing a differentiated advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Gongjin's revenue reached 6.539 billion yuan, ranking 2nd in the industry, while the industry leader, Yiyuan Communication, reported revenue of 17.877 billion yuan [2] - The main business composition includes PON series revenue of 3.505 billion yuan (41.85% of total) and AP series revenue of 1.972 billion yuan (23.54% of total) [2] - The net profit for the same period was 86.288 million yuan, ranking 10th in the industry, with the industry leader, Yiyuan Communication, reporting a net profit of 727 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Gongjin's debt-to-asset ratio was 58.74%, up from 45.98% year-on-year, exceeding the industry average of 40.17% [3] - The gross profit margin for Q3 2025 was 11.99%, slightly up from 11.74% year-on-year, but still below the industry average of 26.55% [3] Group 3: Executive Compensation - Chairman Hu Zumin's salary decreased to 1.3042 million yuan in 2024 from 2.1039 million yuan in 2023, a reduction of 799,700 yuan [4] - General Manager Wei Honghai's salary also saw a decrease, from 2.531 million yuan in 2023 to 985,700 yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.46% to 67,300, while the average number of circulating A-shares held per shareholder decreased by 0.45% to 11,700 [5] - Hong Kong Central Clearing Limited is the fourth-largest shareholder, holding 9.4754 million shares, an increase of 3.7225 million shares from the previous period [5] Group 5: Future Outlook - Huachuang Securities noted that Gongjin's revenue and net profit for the first half of 2025 showed year-on-year growth, with highlights including a significant increase in overseas revenue and a strong performance in the XGS-PON product line [5] - China Galaxy Securities indicated signs of recovery in Q1 2025, with expectations for net profits of 129 million, 187 million, and 247 million yuan from 2025 to 2027 [6]