Anhui Estone Materials Technology (SH:688733) Xin Lang Cai Jing·2025-10-30 13:14Core Viewpoint - Yishitong is a leading company in the field of inorganic non-metal functional powder materials in China, with significant advantages in technology research and product quality [1] Group 1: Business Performance - In Q3 2025, Yishitong reported revenue of 435 million yuan, ranking 42nd among 44 companies in the industry, while the industry leader, Zhongwei Co., achieved revenue of 33.297 billion yuan [2] - The main business revenue from inorganic functional powder materials was 247 million yuan, accounting for 90.99% of total revenue, while polymer materials contributed 23.21 million yuan (8.55%) and other sources contributed 1.26 million yuan (0.46%) [2] - The net profit for the same period was -15.3681 million yuan, ranking 25th in the industry, with the industry average net profit being 198 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yishitong's debt-to-asset ratio was 37.14%, lower than the industry average of 51.96% [3] - The gross profit margin for the same period was 21.38%, higher than the industry average of 10.89% [3] Group 3: Management and Shareholder Information - The chairman, Jiang Xuexin, received a salary of 835,600 yuan in 2025, a decrease of 578,500 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 18.41% to 12,600, while the average number of circulating A-shares held per account decreased by 15.55% to 15,900 [5] Group 4: Future Outlook and Developments - In the first half of 2025, Yishitong's revenue was 272 million yuan, a year-on-year increase of 13.5%, with a net profit of -17 million yuan [5] - The company is expected to maintain growth throughout the year, with SOFC and other products anticipated to achieve mass sales [5] - Long-term forecasts predict net profits of 96 million yuan, 147 million yuan, and 207 million yuan for 2025, 2026, and 2027 respectively, with a target price of 29.6 yuan based on a 40x PE ratio [5]