Grace(SH:603256) Xin Lang Zheng Quan·2025-10-30 12:24Core Viewpoint - Honghe Technology is a leading domestic enterprise in the mid-to-high-end electronic-grade fiberglass cloth sector, showcasing strong technical capabilities and integrated operational abilities in its product offerings [1] Group 1: Business Performance - In Q3 2025, Honghe Technology achieved a revenue of 852 million yuan, ranking 8th among 8 companies in the industry, with the industry leader, China National Materials, generating 21.701 billion yuan [2] - The company's net profit for the same period was 139 million yuan, placing it 5th in the industry, while the top performer, China Jushi, reported a net profit of 2.673 billion yuan [2] Group 2: Financial Health - As of Q3 2025, Honghe Technology's debt-to-asset ratio was 44.32%, slightly up from 44.06% year-on-year, but lower than the industry average of 48.80%, indicating manageable debt pressure [3] - The gross profit margin for the company was 32.62%, significantly up from 16.45% year-on-year and above the industry average of 23.85%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 130.29% to 52,400, while the average number of circulating A-shares held per shareholder decreased by 56.58% to 16,800 [5] Group 4: Management Compensation - The chairman, Mao Jiaming, received a salary of 2.4313 million yuan in 2024, an increase of 1.0042 million yuan from 2023 [4] Group 5: Market Position and Future Outlook - Guosheng Securities highlighted Honghe Technology as a quality enterprise focused on high-end electronic cloth, with expected net profits of 180 million yuan, 240 million yuan, and 300 million yuan from 2025 to 2027 [6] - Guolian Minsheng Securities maintained a "buy" rating, noting rapid revenue growth and improved profitability, with projected revenues of 1.03 billion yuan, 1.6 billion yuan, and 2.42 billion yuan from 2025 to 2027 [7]