ETERN(SH:600105) Xin Lang Cai Jing·2025-10-30 23:43Core Viewpoint - Yongding Co., Ltd. is a significant player in the domestic communication cable and superconducting materials sector, with competitive advantages in high-temperature superconducting technology and optical chip technology [1] Group 1: Business Overview - Yongding Co., Ltd. was established on June 30, 1994, and listed on the Shanghai Stock Exchange on September 29, 1997, with its headquarters in Suzhou, Jiangsu Province [1] - The company’s main business includes the R&D, production, and sales of communication products and software, overseas power engineering contracting, automotive wiring harnesses, and superconducting materials [1] Group 2: Financial Performance - For Q3 2025, Yongding's revenue was 3.63 billion yuan, ranking 4th among 12 companies in the industry, while the top company, Hengtong Optic-Electric, reported revenue of 49.621 billion yuan [2] - The net profit for the same period was 322 million yuan, also ranking 4th, with Hengtong's net profit at 2.537 billion yuan [2] - Revenue breakdown: automotive wiring harnesses contributed 782 million yuan (34.63%), power engineering 677 million yuan (29.96%), optical communication 428 million yuan (18.93%), superconducting and copper conductors 360 million yuan (15.91%), and big data applications 13.03 million yuan (0.58%) [2] Group 3: Financial Ratios - As of Q3 2025, Yongding's debt-to-asset ratio was 61.66%, slightly down from 61.85% year-on-year, which is higher than the industry average of 44.07% [3] - The gross profit margin for the same period was 13.86%, down from 17.96% year-on-year, and below the industry average of 24.18% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.32% to 158,500, with an average holding of 9,221.09 shares, down by 10.97% [5] - Hong Kong Central Clearing Limited is the third-largest shareholder, holding 24.7766 million shares, an increase of 16.4358 million shares from the previous period [5] Group 5: Growth Projections - According to Zheshang Securities, from 2019 to 2024, Yongding's revenue and net profit CAGR are projected to be 4% and 68%, respectively [6] - Specific business growth projections include: copper conductor revenue CAGR of 20% from 2024 to 2027, optical communication revenue CAGR of 17%, and automotive wiring harness revenue CAGR of 13% [6] - Expected net profits for 2025 to 2027 are projected at 370 million, 190 million, and 230 million yuan, with a CAGR of 54% from 2024 to 2027 [6]