HYC(SH:688001) Xin Lang Cai Jing·2025-10-30 13:30Core Viewpoint - Huaxing Yuanchuang is a leading domestic manufacturer of testing equipment, focusing on customized solutions for clients in the flat panel display and integrated circuit sectors [1] Group 1: Business Performance - In Q3 2025, Huaxing Yuanchuang achieved a revenue of 1.579 billion yuan, ranking 7th among 61 companies in the industry [2] - The company's net profit for the same period was 152 million yuan, placing it 9th in the industry [2] - The revenue breakdown includes 575 million yuan from testing equipment (62.84%), 284 million yuan from fixtures and accessories (31.05%), and 28.75 million yuan from other businesses (3.14%) [2] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 38.59%, higher than the previous year's 31.38% and the industry average of 27.43% [3] - The gross profit margin for the same period was 50.15%, an increase from 47.98% year-on-year and above the industry average of 43.50% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.24% to 12,500 [5] - The average number of circulating A-shares held per shareholder decreased by 12.46% to 35,600 [5] - Notable changes among the top ten circulating shareholders include Hong Kong Central Clearing Limited increasing its holdings by 1.4327 million shares [5] Group 4: Management Compensation - The chairman and general manager, Chen Wenyuan, received a salary of 1.5761 million yuan in 2024, an increase of 381,200 yuan from 2023 [4] Group 5: Future Outlook - According to Guotou Securities, the company is expected to face temporary pressure on performance in 2024, with Q1 2025 revenue and net profit projected to decline year-on-year [5] - The company is anticipated to improve profitability as it expands its business and ramps up production capacity [5] - Revenue projections for 2025, 2026, and 2027 are 2.187 billion yuan, 2.537 billion yuan, and 2.841 billion yuan, respectively, with net profits of 190 million yuan, 269 million yuan, and 347 million yuan [5]