Beijing Fjr Optoelectronic Technology(SH:688272) Xin Lang Cai Jing·2025-10-30 13:25Core Viewpoint - Fujirui, a high-tech enterprise in the infrared thermal imaging sector, faces challenges in revenue and profit compared to industry leaders, but maintains a strong focus on R&D and product expansion [2][5]. Group 1: Business Performance - In Q3 2025, Fujirui reported revenue of 153 million, ranking 55th among 64 companies in the industry, significantly lower than the top performers AVIC Chengfei (48.286 billion) and AVIC Optoelectronics (15.838 billion) [2]. - The main business revenue composition includes thermal imaging instruments at 63.47 million, accounting for 55.16%, and core chips at 32.24 million, making up 28.02% [2]. - The net profit for the same period was -47.885 million, ranking 46th in the industry, with the top two companies reporting net profits of 2.175 billion and 1.884 billion respectively [2]. Group 2: Financial Ratios - As of Q3 2025, Fujirui's debt-to-asset ratio was 38.08%, higher than the previous year's 33.48% and above the industry average of 32.84% [3]. - The gross profit margin for the period was 37.09%, down from 41.43% year-on-year but still above the industry average of 34.84% [3]. Group 3: Management and Shareholder Information - The chairman and general manager, Huang Fuyuan, saw his salary decrease from 858,700 to 743,900, a reduction of 114,800 [4]. - As of September 30, 2025, the number of A-share shareholders increased by 3.93% to 4,253, while the average number of circulating A-shares held per household decreased by 3.79% to 17,900 [5]. Group 4: Future Outlook - Analysts expect net profits for 2025, 2026, and 2027 to be 2 million, 25 million, and 34 million respectively, with target prices set at 31.36 and 28 yuan for 2026 and 2027 [5]. - The company is focusing on expanding its product matrix, including quantum encryption cameras, and is expected to see rapid growth in revenue and profitability in 2024 [5].