Darbond Technology (SH:688035) Xin Lang Cai Jing·2025-10-31 03:20Core Viewpoint - Debang Technology is a leading enterprise in the high-end electronic packaging materials sector in China, focusing on R&D and industrialization of these materials, with significant technical barriers [1] Group 1: Business Performance - In Q3 2025, Debang Technology reported revenue of 1.09 billion, ranking 17th among 35 companies in the industry, below the industry leader Xilong Science's 5.32 billion and the second place Guoci Materials' 3.28 billion [2] - The company's net profit for the same period was 70.43 million, ranking 22nd in the industry, significantly lower than the top performer Anji Technology's 608 million and the second place Dinglong Co.'s 585 million [2] - The revenue composition includes 359 million from new energy application materials (52.06%), 167 million from smart terminal packaging materials (24.14%), and 113 million from integrated circuit packaging materials (16.39%) [2] Group 2: Financial Ratios - As of Q3 2025, Debang Technology's debt-to-asset ratio was 26.82%, an increase from 17.21% year-on-year, but still below the industry average of 28.64%, indicating good solvency [3] - The gross profit margin for the same period was 27.98%, up from 26.63% year-on-year, but lower than the industry average of 31.60%, suggesting room for improvement in profitability [3] Group 3: Executive Compensation - The chairman, Jie Haihua, received a salary of 860,900, an increase of 156,100 from the previous year [4] - The general manager, Chen Tianan, earned 1,319,200, up by 190,600 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.30% to 11,700, with an average holding of 12,200 shares, up by 45.20% [5] - The company reported a year-on-year revenue growth of 39% and a net profit growth of 15% for the first three quarters of 2025 [5] Group 5: Future Projections - Revenue projections for 2025 to 2027 are 1.55 billion, 1.97 billion, and 2.45 billion respectively, with net profits expected to be 140 million, 230 million, and 320 million [5] - The integrated circuit packaging materials segment saw a revenue increase of 87.79% year-on-year, while smart terminal packaging materials grew by 53.07% [6]