SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-10-31 00:10Core Viewpoint - Siling Co., Ltd. specializes in the research, development, manufacturing, and sales of automotive bearings, with a diverse product range and customer base, and has recently been listed on the Shenzhen Stock Exchange [1] Group 1: Business Performance - In Q3 2025, Siling achieved a revenue of 581 million yuan, ranking 79th in the industry, significantly lower than the top competitors Weichai Power and Top Group, which reported revenues of 170.57 billion yuan and 20.93 billion yuan respectively [2] - The main business revenue composition includes brake system bearings at 314 million yuan (80.22%), transmission system bearings at 49.99 million yuan (12.78%), and power system bearings at 20.60 million yuan (5.27%) [2] - The net profit for the same period was 140 million yuan, ranking 36th in the industry, which is also below the industry average of 27.5 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Siling's debt-to-asset ratio was 18.08%, lower than the previous year's 18.72% and significantly below the industry average of 39.06%, indicating lower debt pressure [3] - The gross profit margin for Q3 2025 was 34.33%, an increase from 32.59% year-on-year and higher than the industry average of 21.53%, reflecting strong profitability [3] Group 3: Management and Shareholder Structure - The chairman and general manager, Jiang Ling, received a salary of 822,000 yuan in 2024, an increase of 37,200 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders decreased by 13.12% to 14,700, while the average number of circulating A-shares held per shareholder increased by 14.92% to 6,615.19 [5] Group 4: Future Outlook - According to Guosheng Securities, Siling's performance in the first three quarters of 2025 met expectations, with a revenue increase of 4% year-on-year and a net profit increase of 2% [6] - The company is advancing capacity upgrades, with a new high-end automotive bearing project expected to gradually release capacity in the second half of 2025 [6] - Long-term profit projections estimate net profits of 220 million yuan, 260 million yuan, and 350 million yuan for 2025, 2026, and 2027 respectively, with a "buy" rating maintained [6]