Kehua Holdings(SH:603161) Xin Lang Zheng Quan·2025-10-30 16:29Core Insights - Kewah Holdings, established in June 2002 and listed on the Shanghai Stock Exchange in January 2018, is a significant player in the turbocharger key components sector, showcasing strong R&D and production capabilities, indicating notable investment value [1] Financial Performance - In Q3 2025, Kewah Holdings achieved a revenue of 1.666 billion yuan, ranking 42nd among 103 companies in the industry, with the industry leader, Weichai Power, reporting revenue of 170.571 billion yuan [2] - The company's net profit for the same period was 80.011 million yuan, placing it 60th in the industry, while the top performer, Weichai Power, reported a net profit of 10.852 billion yuan [2] Financial Ratios - As of Q3 2025, Kewah Holdings had a debt-to-asset ratio of 48.95%, down from 54.04% year-on-year, which is above the industry average of 39.06% [3] - The gross profit margin for the period was 14.58%, a decrease from 16.61% year-on-year, and below the industry average of 21.53% [3] Management and Governance - The chairman, Tu Han, holds multiple significant positions across various companies, while the general manager, Zong Lou, saw a salary reduction from 1.3856 million yuan in 2023 to 1.2538 million yuan in 2024, a decrease of 131,800 yuan [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 4.05% to 17,300, while the average number of circulating A-shares held per shareholder increased by 4.22% to 11,000 [5] Market Outlook - Dongxing Securities noted that Kewah Holdings faced pressure on profitability due to a decline in gross margin and increased asset impairment provisions, alongside challenges from reduced overseas demand and falling product prices [5] - The firm projects net profits for 2025-2027 to be 120 million, 150 million, and 180 million yuan, respectively, with corresponding EPS of 0.64, 0.77, and 0.93 yuan [5]