Core Viewpoint - Hengshuai Co., Ltd. is a leading supplier of automotive motors and cleaning system products in China, with strong R&D capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Hengshuai achieved revenue of 680 million yuan, ranking 37th among 55 companies in the industry, with the industry leader, Zhongding Co., Ltd., generating 14.555 billion yuan [2] - The revenue composition includes cleaning products at 201 million yuan (46.88%), motor products at 192 million yuan (44.88%), and other products at 30.57 million yuan (7.14%) [2] - The net profit for the same period was 129 million yuan, ranking 19th in the industry, with the industry leader's net profit at 1.305 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Hengshuai's debt-to-asset ratio was 30.12%, lower than the industry average of 40.56% [3] - The gross profit margin for Q3 2025 was 31.18%, higher than the industry average of 21.56% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.56% to 10,100, while the average number of circulating A-shares held per shareholder increased by 9.36% to 3,006.27 [5] - The largest circulating shareholder is Yongying Advanced Manufacturing Mixed Fund A, holding 2.2415 million shares [5] Group 4: Management Compensation - The chairman, Xu Ningning, received a salary of 888,200 yuan in 2024, unchanged from 2023 [4] - The general manager, Xu Hengshuai, received a salary of 646,200 yuan in 2024, also unchanged from 2023 [4] Group 5: Future Outlook - Guoyuan Securities maintains an "overweight" rating for Hengshuai, projecting net profits of 213 million, 272 million, and 336 million yuan for 2025-2027 [6] - The company is focusing on high-potential areas such as active sensing cleaning systems and thermal management systems, with a planned production capacity of 2.28 million motor actuators and 150,000 active sensing cleaning systems [6] - Guosheng Securities has adjusted its profit forecast to 210 million, 240 million, and 300 million yuan for the same period, citing increased competitive pressure [7]
恒帅股份的前世今生：2025年三季度营收6.8亿元居行业37位，净利润1.29亿元排第19