Core Viewpoint - Defu Technology, established in 1985 and listed on the Shenzhen Stock Exchange in August 2023, is a significant player in the domestic high-performance electrolytic copper foil sector, focusing on R&D and production with strong technical capabilities, indicating high investment value [1] Group 1: Business Performance - In Q3 2025, Defu Technology achieved a revenue of 8.5 billion, ranking 8th among 31 industry companies, with the industry leader, CATL, generating 283.072 billion [2] - The main business composition includes lithium battery copper foil at 4.109 billion, accounting for 77.53%, and electronic circuit copper foil at 785 million, accounting for 14.80% [2] - The net profit for the same period was 129 million, ranking 13th in the industry, with the industry leader's net profit at 52.297 billion [2] Group 2: Financial Ratios - As of Q3 2025, Defu Technology's debt-to-asset ratio was 72.42%, higher than the previous year's 71.13% and above the industry average of 48.67% [3] - The gross profit margin was 6.58%, an increase from 1.62% year-on-year, but still below the industry average of 17.44% [3] Group 3: Management and Shareholder Structure - The chairman, Ma Ke, received a salary of 2.6703 million, unchanged from the previous year, while the general manager, Luo Jia, saw an increase in salary to 2.8659 million, up by 606,000 from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 4.28% to 43,500, while the average number of circulating A-shares held per household increased by 4.47% to 8,605.3 [5] Group 4: Future Outlook - China Galaxy Securities noted that in H1 2025, Defu Technology turned a profit, driven by a doubling of revenue from lithium battery copper foil due to rising global demand for new energy vehicles and energy storage [6] - The company is expected to enhance its competitiveness in high-end copper foil through the acquisition of a Luxembourg copper foil company, increasing total electrolytic copper foil capacity to 191,000 tons per year [6] - Revenue projections for 2025-2027 are 11.9 billion, 15 billion, and 17.9 billion, with net profits of 100 million, 200 million, and 200 million respectively [6]
德福科技的前世今生：营收低于行业平均，净利润低于同类，扩张潜力待挖掘