KDTECH(SZ:002516) Xin Lang Cai Jing·2025-10-30 12:15Core Viewpoint - Kuangda Technology is a significant player in the automotive interior fabric sector in China, with a comprehensive production capability and leading product quality and technology in the industry [1] Group 1: Business Performance - In Q3 2025, Kuangda Technology reported revenue of 1.714 billion yuan, ranking 21st in the industry, while the top competitor, Huayu Automotive, achieved revenue of 130.853 billion yuan [2] - The main business composition includes fabrics at 393 million yuan (36.86%), synthetic leather at 302 million yuan (28.36%), seat covers at 168 million yuan (15.72%), and electricity at 77.455 million yuan (7.27%) [2] - The net profit for the same period was 134 million yuan, ranking 19th in the industry, with the leading competitor, Fuyao Glass, reporting a net profit of 7.068 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Kuangda Technology's debt-to-asset ratio was 18.22%, lower than the industry average of 42.48% [3] - The gross profit margin for Q3 2025 was 24.69%, higher than the industry average of 22.52% [3] Group 3: Executive Compensation - The chairman, Wu Kai, received a salary of 1.5132 million yuan in 2024, an increase of 80,000 yuan from 2023 [4] - The president, Gong Xudong, earned 1.1576 million yuan in 2024, up by 139,200 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 40.16% to 55,600 [5] - The average number of circulating A-shares held per shareholder decreased by 28.40% to 26,300 [5] Group 5: Future Outlook - The employee stock ownership plan will unlock 4.6706 million shares in 2024, representing 0.32% of the total share capital [6] - The automotive interior business is expected to see profit growth due to the ramp-up of high-margin products, while the renewable energy sector may face challenges from grid absorption and declining electricity prices [6] - Forecasted net profits for 2025-2027 are 217 million yuan, 239 million yuan, and 260 million yuan, with corresponding EPS of 0.15 yuan, 0.16 yuan, and 0.18 yuan [6]