SWEC(SH:600641) Xin Lang Cai Jing·2025-10-30 13:19Core Viewpoint - Wan Ye Enterprise, established in 1991 and listed in 1993, is a significant player in the semiconductor and real estate sectors, with advantages in core components for semiconductor equipment and bismuth material processing [1] Business Performance - In Q3 2025, Wan Ye Enterprise reported revenue of 1.069 billion yuan, ranking 42nd out of 69 in the industry, significantly lower than the top competitors Poly Developments (173.72 billion yuan) and Vanke A (161.39 billion yuan), as well as below the industry average of 11.727 billion yuan [2] - The main business composition includes bismuth deep processing and compound business at 525 million yuan (75.14%), real estate business at 102 million yuan (14.57%), and specialized equipment manufacturing at 71.12 million yuan (10.18%) [2] - The net profit for the period was -61.27 million yuan, ranking 45th in the industry, with a notable gap from the top performers [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 28.72%, an increase from 14.58% year-on-year, but still significantly lower than the industry average of 60.51%, indicating strong debt repayment capability [3] - The gross profit margin was 26.20%, down from 59.30% year-on-year, yet still above the industry average of 19.19%, suggesting relative strength in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.56% to 52,400, while the average number of circulating A-shares held per shareholder decreased by 3.44% to 17,800 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings for several funds, while new entrants like the Guotai Junan CSI Semiconductor Materials Equipment Theme ETF appeared [5] Business Growth and Outlook - According to Dongfang Securities, the bismuth material processing business has seen significant revenue growth, with sales reaching 525 million yuan in H1 2025, accounting for 75% of total revenue, and production capacity is expected to expand by year-end [6] - The company has achieved scale production of ion implanters, delivering eight 12-inch ion implanters in H1 2025, with a breakthrough in the safety production of wafer products [6] - Longjiang Securities forecasts substantial growth in revenue and net profit for 2025-2027, driven by core business expansion and new material developments, maintaining a "buy" rating [6]