CEC CoreCast(SH:600764) Xin Lang Zheng Quan·2025-10-30 16:33Core Viewpoint - China Haifang, a leading company in underwater defense equipment, has shown strong financial performance and growth potential in the defense and electronic information sectors, supported by new business developments and increasing orders. Group 1: Company Overview - China Haifang was established on November 18, 1993, and listed on the Shanghai Stock Exchange on November 4, 1996, with its headquarters in Beijing. It specializes in underwater defense equipment and electronic defense systems, demonstrating strong technical capabilities and market competitiveness [1]. - The company’s main business includes electronic defense equipment, electronic information industry, and professional technical services, focusing on the research and production of underwater electronic defense products [1]. Group 2: Financial Performance - In Q3 2025, China Haifang achieved a revenue of 1.925 billion yuan, ranking 4th in the industry, with the industry leader, China Shipbuilding, at 107.403 billion yuan. The average revenue in the industry was 14.413 billion yuan [2]. - The net profit for the same period was 161 million yuan, placing the company 5th in the industry, with the top performer, China Shipbuilding, at 7.841 billion yuan, and the industry average at 1.008 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, China Haifang's debt-to-asset ratio was 27.44%, lower than the previous year's 28.46% and significantly below the industry average of 41.76%, indicating strong solvency [3]. - The gross profit margin for the same period was 35.68%, slightly up from 35.55% year-on-year and well above the industry average of 20.95%, reflecting robust profitability [3]. Group 4: Leadership and Shareholder Structure - The controlling shareholder of China Haifang is China Shipbuilding Industry Corporation, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council. The chairman, Chen Yuanjin, has a rich career history in various roles within the company and government [4]. - As of September 30, 2025, the number of A-share shareholders increased by 21.20% to 37,400, while the average number of circulating A-shares held per shareholder decreased by 17.49% to 19,000 [5]. Group 5: Future Outlook - Analysts expect China Haifang's revenue to grow to 3.552 billion yuan in 2025, 3.913 billion yuan in 2026, and 4.366 billion yuan in 2027, with net profits projected at 315 million yuan, 404 million yuan, and 509 million yuan respectively [5]. - The company is focusing on cost reduction and efficiency improvement, with a positive outlook on its underwater unmanned equipment business and electronic information sector [5].