ADD(SH:603089) Xin Lang Zheng Quan·2025-10-30 15:18Core Viewpoint - Zhengyu Industrial is a leading domestic manufacturer of automotive shock absorbers, focusing on the research, production, and sales of automotive suspension system shock absorbers, with a strong presence in overseas markets [1] Group 1: Business Performance - In Q3 2025, Zhengyu Industrial achieved a revenue of 2.072 billion yuan, ranking 30th among 103 companies in the industry, significantly lower than the top company Weichai Power at 170.571 billion yuan and second-ranked Top Group at 20.928 billion yuan [2] - The revenue composition includes 997 million yuan from automotive suspension system shock absorbers (73.54%), 220 million yuan from engine sealing parts (16.19%), and 118 million yuan from rubber shock absorbers (8.69%) [2] - The net profit for the same period was 154 million yuan, ranking 34th in the industry, which is substantially lower than Weichai Power's 10.852 billion yuan and Top Group's 1.969 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhengyu Industrial's debt-to-asset ratio was 55.26%, a decrease from 57.34% year-on-year, but still above the industry average of 39.06%, indicating relatively high debt pressure [3] - The gross profit margin for Q3 2025 was 22.82%, down from 24.40% year-on-year, yet still higher than the industry average of 21.53%, suggesting a competitive edge in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 34.60% to 15,900, while the average number of circulating A-shares held per shareholder decreased by 25.70% to 15,100 [5] - Notable shareholders include the sixth-largest shareholder, China Merchants Quantitative Selected Stock A, holding 2.9098 million shares, an increase of 267,200 shares from the previous period [5] Group 4: Future Outlook - Zhengyu Industrial is expected to release production capacity in 2024 with the launch of its intelligent manufacturing park and the commencement of operations at its Thailand factory, projecting a 52.1% year-on-year increase in suspension system shock absorber production to 20.62 million units [5] - Revenue is anticipated to grow by 31.0% year-on-year to 2.3 billion yuan in 2024, with a net profit of 70 million yuan, reflecting a 21.4% increase [5] - Forecasted net profits for 2025 to 2027 are 150 million yuan, 180 million yuan, and 210 million yuan, representing year-on-year growth rates of 109.8%, 20.5%, and 15.2% respectively [5]