Sinotec(SH:603121) Xin Lang Cai Jing·2025-10-30 15:20Core Viewpoint - Huapei Power, established in 2006 and listed in 2019, specializes in the research, production, and sales of key components for turbochargers, achieving significant results in expanding its quality customer base [1] Financial Performance - For Q3 2025, Huapei Power reported revenue of 854 million yuan, ranking 66th among 103 companies in the industry, significantly lower than the top competitors Weichai Power at 170.57 billion yuan and Top Group at 20.93 billion yuan, as well as below the industry average of 3.82 billion yuan and median of 1.38 billion yuan [2] - The main business revenue breakdown includes: wastegate valve components at 331 million yuan (57.26%), sensor products at 120 million yuan (20.77%), turbo shells and intermediate shells at 67.86 million yuan (11.74%), and other revenues at 59.12 million yuan (10.23%) [2] - The net profit for the same period was 17.51 million yuan, ranking 87th in the industry, far behind Weichai Power's 10.85 billion yuan and Top Group's 1.97 billion yuan, and below the industry average of 27.5 million yuan and median of 9.22 million yuan [2] Financial Ratios - As of Q3 2025, Huapei Power's debt-to-asset ratio was 44.20%, up from 40.03% year-on-year and above the industry average of 39.06% [3] - The gross profit margin for Q3 2025 was 23.16%, down from 27.40% year-on-year but still above the industry average of 21.53% [3] Management and Shareholder Information - The chairman and general manager, Wu Huailai, received a salary of 1.042 million yuan in 2024, an increase of 26,100 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 55.38% to 27,100, while the average number of circulating A-shares held per account decreased by 35.64% to 12,500 [5] Business Outlook - Huapei Power has made notable progress in expanding its quality customer base and solidifying its powertrain business with international top clients, launching multiple new projects [5] - The company plans to invest in establishing a robotics subsidiary, which is expected to open a second growth curve [5] - Revenue projections for 2025-2027 are 1.409 billion yuan, 1.622 billion yuan, and 1.853 billion yuan, with net profits of 110 million yuan, 144 million yuan, and 181 million yuan respectively [5]