Guangdong Skychem Technology (SH:688603) Xin Lang Cai Jing·2025-10-30 14:13Core Viewpoint - Tiancheng Technology, a leading company in the domestic PCB specialty electronic chemicals sector, was listed on the Shanghai Stock Exchange on July 10, 2023, and has a strong technical foundation and market reputation [1] Group 1: Business Performance - For Q3 2025, Tiancheng Technology reported revenue of 334 million yuan, ranking 34th among 35 companies in the industry, with the industry leader, Xilong Science, achieving 5.324 billion yuan [2] - The main business revenue is primarily from copper plating specialty chemicals, contributing 191 million yuan, accounting for 99.98% of total revenue [2] - The net profit for the same period was approximately 59.84 million yuan, placing the company 25th in the industry, with the top performer, Anji Technology, reporting a net profit of 608 million yuan [2] Group 2: Financial Health - As of Q3 2025, Tiancheng Technology's debt-to-asset ratio was 9.11%, significantly lower than the industry average of 28.64%, indicating strong solvency [3] - The gross profit margin for the same period was 40.29%, higher than the industry average of 31.60%, reflecting robust profitability [3] Group 3: Management and Shareholder Structure - The chairman and general manager, Tong Maojun, received a salary of 1.227 million yuan in 2024, an increase of 176,300 yuan from the previous year [4] - As of June 30, 2025, the number of A-share shareholders increased by 16.31% to 3,273, with an average holding of 14,000 circulating A-shares, up 27.07% [5] - Tiancheng Technology plans to invest 50 million yuan in an industrial fund to enhance its semiconductor layout and integrate into the Shanghai integrated circuit industry [5] Group 4: Future Outlook - Analysts from Huaxin Securities and Changcheng Securities have raised profit forecasts for Tiancheng Technology, expecting net profits of 101 million, 158 million, and 212 million yuan for 2025 to 2027 [5] - The company is benefiting from the expansion of AI PCB production and has successfully introduced products into major customer production lines [5]