Union Precision(SH:688210) Xin Lang Cai Jing·2025-10-30 15:07Core Viewpoint - Tonglian Precision, established in June 2016 and listed on the Shanghai Stock Exchange in December 2021, is a rising player in the MIM industry, focusing on high-precision components for foldable devices and successfully entering the supply chains of leading smartphone manufacturers [1] Group 1: Business Performance - In Q3 2025, the company achieved a revenue of 642 million yuan, ranking 71st among 88 companies in the industry, significantly lower than the top players, with the industry average at 15.49 billion yuan [2] - The net profit for the same period was 20.32 million yuan, placing the company 60th in the industry, again far below the leaders, with the industry average at 635 million yuan [2] Group 2: Financial Ratios - The company's debt-to-asset ratio in Q3 2025 was 44.25%, slightly down from 44.31% year-on-year, which is lower than the industry average of 44.84%, indicating relatively good debt repayment capability [3] - The gross profit margin for Q3 2025 was 34.02%, down from 40.51% year-on-year but still significantly above the industry average of 19.47%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 20.08% to 4,670, while the average number of circulating A-shares held per account increased by 26.02% to 34,600 [5] - New major shareholders include several mutual funds, while one previous major shareholder exited the top list [5] Group 4: Management Compensation - The chairman, Yang Hu, received a salary of 1.9482 million yuan in 2024, an increase of 915,100 yuan from 2023 [4] Group 5: Future Outlook - Analysts from Guotai Junan Securities have initiated coverage with a buy rating, setting a target price of 80.5 yuan, forecasting EPS growth of 43.3%, 73.9%, and 48.2% for 2025 to 2027 [5] - Dongxing Securities maintains a strong recommendation rating, expecting EPS of 0.63, 1.07, and 1.54 yuan for 2025 to 2027, highlighting growth in non-MIM precision components and ongoing development of new production bases [6]