爱科赛博的前世今生：2025年三季度营收低于行业平均，净利润为负远逊同行

Core Viewpoint - Aikaisibo, a leading company in the field of power electronic conversion and control, was listed on the Shanghai Stock Exchange on September 28, 2023, and has a strong focus on R&D, production, and sales of power electronic conversion and control equipment [1] Financial Performance - In Q3 2025, Aikaisibo achieved a revenue of 585 million yuan, ranking 18th in the industry, significantly lower than the industry leader China Power's 40.971 billion yuan and the second-ranked Haibosi's 7.913 billion yuan [2] - The company's net profit for the same period was -44.6247 million yuan, placing it 20th in the industry, far behind the industry leader's 2.502 billion yuan and the second's 624 million yuan [2] Profitability and Debt Management - Aikaisibo's debt-to-asset ratio in Q3 2025 was 27.47%, lower than the industry average of 42.24%, indicating relatively low debt pressure [3] - The gross profit margin for the same period was 31.37%, higher than the industry average of 25.60%, although it decreased from the previous year's 41.12% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.07% to 7,003, while the average number of circulating A-shares held per household decreased by 9.77% to 12,800 [5] - The top ten circulating shareholders include the Fuguo Tianhui Growth Mixed Fund, holding 2 million shares, a decrease of 1,367 shares from the previous period [5] Business Highlights and Future Outlook - Aikaisibo has focused on the power electronic conversion control field for nearly 30 years, building three major technology platforms and serving well-known companies across multiple industries [5] - The precision testing power business is expected to see significant revenue growth in 2024, supported by lean management and reduced expenses [5] - The company is projected to achieve revenues of 1.303 billion yuan, 1.6 billion yuan, and 1.775 billion yuan from 2025 to 2027, with net profits of 105 million yuan, 133 million yuan, and 182 million yuan respectively [5] - CICC has adjusted the 2025 net profit forecast down by 41.9% to 86 million yuan, while introducing a 2026 net profit estimate of 146 million yuan, maintaining an outperform rating with a target price of 32 yuan [6]