SIASUN(SZ:300024) Xin Lang Cai Jing·2025-10-30 23:43Core Viewpoint - Longsheng Technology is a leading enterprise in the domestic engine exhaust gas recirculation (EGR) system industry, with significant technological advantages and a full industrial chain production capability [1] Group 1: Business Overview - Longsheng Technology was established on June 16, 2004, and listed on the Shenzhen Stock Exchange on July 25, 2017, with its registered and office address in Wuxi, Jiangsu Province [1] - The company's main business includes EGR systems, new energy sectors, and precision components, categorized under the automotive industry, specifically in automotive parts related to chassis and engine systems [1] Group 2: Financial Performance - In Q3 2025, Longsheng Technology reported revenue of 1.81 billion yuan, ranking 36th out of 103 in the industry, significantly lower than the top competitors Weichai Power at 170.57 billion yuan and Top Group at 20.93 billion yuan, with the industry average at 3.82 billion yuan [2] - The revenue composition shows that other businesses accounted for 768 million yuan, representing 62.71%, while EGR products and injection systems contributed 456 million yuan, or 37.29% [2] - The net profit for the same period was 217 million yuan, ranking 25th in the industry, with Weichai Power at 10.85 billion yuan and Top Group at 1.97 billion yuan, while the industry average was 275 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Longsheng Technology's debt-to-asset ratio was 49.47%, higher than the industry average of 39.06%, but down from 50.51% in the same period last year [3] - The gross profit margin for the period was 17.15%, below the industry average of 21.53%, and decreased from 18.61% in the previous year [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.96% to 21,200, while the average number of circulating A-shares held per household increased by 4.37% to 8,291.91 [5] - Among the top ten circulating shareholders, Penghua Carbon Neutral Theme Mixed A reduced its holdings by 2.49 million shares, while new shareholders like Huazhong Huihong Selected Mixed A entered the list [5] Group 5: Analyst Insights - CICC noted that Q3 2025 performance met expectations, with revenue growth lagging behind the industry, and one-time gains boosting profits. Multiple factors have pressured profitability, but Q4 2025 performance is expected to improve sequentially [5] - Shenwan Research pointed out that the main business revenue growth has slowed, with non-recurring investment income inflating short-term profits. The gross margin has slightly declined, and the increase in expenses is mainly due to asset depreciation [5]