Changling Hydraulic(SH:605389) Xin Lang Cai Jing·2025-10-31 01:24Core Viewpoint - Changling Hydraulic is a leading manufacturer of hydraulic components in China, focusing on research, production, and sales of hydraulic parts and precision castings, with a strong emphasis on technology and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Changling Hydraulic achieved a revenue of 750 million yuan, ranking 4th among 12 companies in the industry, with the top competitor, Hengli Hydraulic, generating 7.79 billion yuan [2] - The revenue breakdown includes 172 million yuan from tensioning devices (36.61%), 106 million yuan from precision castings (22.59%), and 101 million yuan from central swivel joints (21.51%) [2] - The net profit for the same period was 120 million yuan, also ranking 4th in the industry, with Hengli Hydraulic leading at 2.09 billion yuan [2] Group 2: Financial Health - As of Q3 2025, the asset-liability ratio of Changling Hydraulic was 10.70%, an increase from 8.18% year-on-year, significantly lower than the industry average of 29.94%, indicating strong solvency [3] - The gross profit margin for the period was 28.64%, up from 27.13% year-on-year, surpassing the industry average of 27.79%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.41% to 8,868, while the average number of circulating A-shares held per account increased by 4.61% to 15,400 [5] - The company has focused on technology and has expanded into the photovoltaic sector through the acquisition of 70% of Jiangyin Shangchi in 2023, with projected net profit commitments for 2023-2025 [5] Group 4: Future Projections - Expected net profits for Changling Hydraulic from 2025 to 2027 are projected to be 122 million yuan, 155 million yuan, and 231 million yuan, representing year-on-year growth rates of 28.7%, 27.4%, and 48.6% respectively [5]