Xingtu Xinke(SH:688081) Xin Lang Cai Jing·2025-10-30 13:19Core Insights - The company, Xingtuxinke, is a leader in the audio and video comprehensive business network application platform sector, established in 2004 and listed on the Shanghai Stock Exchange in 2020 [1] Financial Performance - For Q3 2025, Xingtuxinke reported revenue of 91.23 million yuan, ranking 60th among 64 companies in the industry, significantly lower than the top competitors, AVIC Chengfei with 48.29 billion yuan and AVIC Optoelectronics with 15.84 billion yuan [2] - The main revenue sources include intelligent video command at 47.73 million yuan (77.16%) and video intelligent computing at 13.43 million yuan (21.71%), with a net profit of -44.57 million yuan, ranking 44th in the industry [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 29.73%, up from 20.23% year-on-year but still below the industry average of 32.84%, indicating strong solvency [3] - The gross profit margin was 55.79%, down from 59.25% year-on-year but higher than the industry average of 34.84%, reflecting robust profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.24% to 6,426, while the average number of circulating A-shares held per shareholder decreased by 23.22% to 16,000 [5] - New significant shareholders include China Europe High-end Equipment Stock Initiation A and Yongying Advanced Manufacturing Intelligent Selection Mixed Initiation A [5] Market Outlook - According to Shenwan Research, Xingtuxinke is expected to stabilize and recover its performance, driven by its core technology in military informationization and expansion into civilian markets such as judicial, oilfield, and security sectors [5] - The projected net profits for 2025E, 2026E, and 2027E are 34 million yuan, 56 million yuan, and 82 million yuan respectively, with corresponding PE ratios of 53, 32, and 22 times, indicating a lower valuation compared to peers [5]