Luenmei Quantum (SH:600167) Xin Lang Cai Jing·2025-10-30 15:33Core Viewpoint - Lianmei Holdings is a leading enterprise in the clean heating sector in China, focusing on comprehensive energy services and high-speed rail digital media advertising, with significant market presence due to its technological and scale advantages [1] Group 1: Business Performance - In Q3 2025, Lianmei Holdings reported revenue of 2.156 billion yuan, ranking 6th in the industry, surpassing the industry average of 1.865 billion yuan and the median of 810 million yuan, but lagging behind the top competitors [2] - The main business revenue composition includes heating and steam income of 1.416 billion yuan, accounting for 74.62%, and advertising revenue of 293 million yuan, accounting for 15.42% [2] - The net profit for the same period was 547 million yuan, ranking 2nd in the industry, only behind Xiexin Nengke, and significantly above the industry average of 174 million yuan and the median of 106 million yuan [2] Group 2: Financial Health - As of Q3 2025, Lianmei Holdings had a debt-to-asset ratio of 27.24%, lower than the previous year's 29.32% and the industry average of 43.74%, indicating strong debt repayment capability [3] - The gross profit margin for the same period was 33.30%, an increase from 31.90% year-on-year, and higher than the industry average of 22.05%, reflecting robust profitability [3] Group 3: Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 9.21% to 23,400, while the average number of circulating A-shares held per account increased by 10.14% to 96,600 [5] - The company is focusing on the clean heating sector, with stable demand and potential cost optimization due to declining coal prices, which may enhance profitability in the heating business [5] Group 4: Executive Compensation - The chairman, Su Zhuangqiang, received a salary of 600,000 yuan, unchanged from the previous year, while the president, Lu Chengsong, earned 360,200 yuan in 2024 [4] Group 5: Future Outlook - Analysts maintain profit forecasts for Lianmei Holdings, expecting net profits of 802 million yuan, 892 million yuan, and 932 million yuan for 2025 to 2027, with a dividend payout ratio of no less than 40% during this period [5] - The company is projected to achieve net profits of 836 million yuan, 930 million yuan, and 1.046 billion yuan for the same years, with a target price of 7.66 yuan based on a 20.7x PE ratio for 2025 [6]