Core Viewpoint - Hongjing Technology has successfully transformed into an AI computing power service provider, with significant growth potential in the smart city sector and strong partnerships with leading companies [1][5]. Group 1: Company Overview - Hongjing Technology was established on March 7, 1997, and listed on the Shenzhen Stock Exchange on November 11, 2022, with its headquarters in Guangzhou, Guangdong Province [1]. - The company focuses on providing smart city solutions in three main areas: smart livelihood, urban comprehensive management, and smart parks [1]. Group 2: Financial Performance - For Q3 2025, Hongjing Technology reported revenue of 1.551 billion yuan, ranking 31st among 131 companies in the industry, significantly lower than the top company, Shenzhou Data, which had 102.365 billion yuan [2]. - The company's computing power service revenue was 1.084 billion yuan, accounting for 91.28% of total revenue, while smart city business revenue was 104 million yuan, making up 8.72% [2]. - The net profit for the same period was 108 million yuan, ranking 22nd in the industry, again lower than the top performer, Unisplendour, which reported 1.723 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Hongjing Technology's debt-to-asset ratio was 72.37%, up from 39.57% year-on-year and above the industry average of 38.93% [3]. - The gross profit margin for the same period was 15.25%, down from 20.92% year-on-year and below the industry average of 29.96% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.44% to 33,000, while the average number of circulating A-shares held per shareholder increased by 5.75% to 2,306.4 [5]. - Notably, Hong Kong Central Clearing Limited became the fourth-largest circulating shareholder with 1.3893 million shares, while two funds exited the top ten circulating shareholders [5]. Group 5: Future Outlook - According to Minsheng Securities, Hongjing Technology's computing power leasing business has seen rapid growth since 2024, with revenue contribution surpassing traditional business [5]. - The company is expected to achieve revenue of 2.217 billion, 3.236 billion, and 4.466 billion yuan from 2025 to 2027, with net profits of 209 million, 492 million, and 803 million yuan respectively [5]. - Huaxin Securities predicts significant revenue and net profit growth, with forecasts of 3.121 billion, 5.084 billion, and 7.058 billion yuan in revenue from 2025 to 2027, and EPS of 1.11, 1.98, and 3.10 yuan [6].
宏景科技的前世今生：欧阳华掌舵二十余年，算力服务营收占比超九成，转型AI算力服务商迎来增长拐点