GREAT MICROWAVE(SH:688270) Xin Lang Cai Jing·2025-10-31 01:24Core Viewpoint - Zhenray Technology, established in September 2015 and listed on the Shanghai Stock Exchange in January 2022, is a leading domestic supplier of integrated circuit chips and microsystems, with a strong technological foundation and a comprehensive industry chain layout [1] Financial Performance - In Q3 2025, Zhenray Technology reported revenue of 302 million yuan, ranking 33rd in the industry, significantly lower than the industry leader, Goodix Technology, at 3.52 billion yuan, and the second place, Aowei Technology, at 2.88 billion yuan [2] - The company's net profit for the same period was 101 million yuan, ranking 10th in the industry, below Goodix Technology's 677 million yuan and Sanan Optoelectronics' 332 million yuan, but above the industry average of 29.66 million yuan [2] Financial Ratios - As of Q3 2025, Zhenray Technology's debt-to-asset ratio was 7.07%, an increase from 4.62% year-on-year, but still significantly lower than the industry average of 16.92%, indicating strong solvency [3] - The company's gross profit margin was 82.26%, slightly down from 84.11% year-on-year, yet well above the industry average of 36.44%, reflecting robust profitability [3] Executive Compensation - The chairman, Yu Faxin, received a salary of 960,800 yuan in 2024, a decrease of 144,000 yuan from 2023 [4] - The general manager, Zhang Bing, earned 507,000 yuan in 2024, down 83,400 yuan from the previous year [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders increased by 93.15% to 23,600, while the average number of circulating A-shares held per account decreased by 23.17% to 9,086.54 [5] - Notable changes among the top ten circulating shareholders include Hong Kong Central Clearing Limited entering as the fourth largest shareholder with 5.45 million shares [5] Market Outlook - According to Shenwan Hongyuan, Zhenray Technology's Q1-Q3 2025 performance met market expectations, driven by demand in satellite and specialty fields, with significant growth in revenue from ADDA chips and power management chips [5] - The company is expected to see a rise in core product revenue as some products transition from experimental to mass delivery [5] - The profit forecast for 2025-2027 has been raised to 143 million, 216 million, and 317 million yuan, respectively, maintaining a "buy" rating [5] Industry Position - CICC noted that Zhenray Technology's performance in the first three quarters of 2025 was in line with expectations, with profits growing rapidly and gross margins remaining high [6] - The company is focusing on specialty analog chips, with increased R&D investment driving product innovation [6] - With the advancement of domestic satellite internet construction, Zhenray Technology is positioned to benefit from industry growth [6]