SWSC(SH:600369) Xin Lang Cai Jing·2025-10-31 01:16Core Viewpoint - Yilian Technology, a leading domestic battery connection system company, is set to be listed on the Shenzhen Stock Exchange on November 22, 2024, focusing on the research and development of electrical connection components across various fields [1] Business Overview - Yilian Technology was established on December 7, 2011, and specializes in the R&D, design, production, sales, and service of electrical connection components, with a significant presence in the automotive electronics and electrical systems sector [1] - The company ranks 13th in revenue among 36 companies in the industry, with a revenue of 3.506 billion yuan for Q3 2025, while the industry leader, Yujing Electronics, reported 45.844 billion yuan [2] - The main revenue sources include cell connection components (1.216 billion yuan, 58.83%), low-voltage signal transmission components (588 million yuan, 28.44%), and power transmission components (237 million yuan, 11.48%) [2] Financial Performance - For Q3 2025, Yilian Technology reported a net profit of 219 million yuan, ranking 11th in the industry, with the industry average net profit being 217 million yuan [2] - The company's asset-liability ratio stands at 52.63%, higher than the industry average of 44.11%, while its gross profit margin is 16.10%, below the industry average of 19.46% [3] Management and Shareholder Structure - The chairman, Tian Wangxing, has a salary of 510,000 yuan for 2024, while the general manager, Tian Ben, has a salary of 1.3643 million yuan, reflecting a 33.75% increase from the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 9.63% to 14,400, with an average holding of 1,333.51 shares [5] Growth Prospects - In the first half of 2025, Yilian Technology achieved a revenue of 2.067 billion yuan, a year-on-year increase of 22.1%, and a net profit of 137 million yuan, up 18.5% [6] - The company has a diversified product portfolio covering multiple application areas, including electric vehicle components, with significant clients such as CATL [6] - Future projections indicate a compound annual growth rate of 28% for net profit over the next three years, with a target price of 116.55 yuan based on a 35x PE ratio for 2025 [6]