Chengdu JOUAV(SH:688070) Xin Lang Cai Jing·2025-10-31 06:30Core Viewpoint - Zongheng Co., Ltd. is a leading domestic industrial drone company with a comprehensive product range, strong software technology, and a well-established industrial ecosystem, facing challenges in revenue and profit compared to industry leaders [1][2]. Group 1: Company Overview - Zongheng Co., Ltd. was established on April 8, 2010, and listed on the Shanghai Stock Exchange on February 10, 2021, with its headquarters in Chengdu, Sichuan [1]. - The company specializes in the research, development, production, sales, and service of industrial drone-related products, classified under the defense and military industry [1]. Group 2: Financial Performance - For Q3 2025, Zongheng's revenue was 322 million yuan, ranking 40th out of 48 in the industry, significantly lower than the top competitors, AVIC Xi'an Aircraft Industry Group with 30.244 billion yuan and Aero Engine Corporation of China with 22.912 billion yuan [2]. - The net profit for the same period was -19.7429 million yuan, placing the company 42nd in the industry, with the industry leaders reporting net profits of 1.369 billion yuan and 1.162 billion yuan respectively [2]. Group 3: Financial Ratios - As of Q3 2025, Zongheng's debt-to-asset ratio was 39.12%, down from 43.75% year-on-year, slightly below the industry average of 39.42%, indicating improved debt repayment capability [3]. - The gross profit margin for the same period was 48.86%, a slight decrease from 49.54% year-on-year but still significantly higher than the industry average of 30.54%, reflecting strong profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 16.01% to 4,933, while the average number of circulating A-shares held per shareholder increased by 19.06% to 17,800 [5]. - Notably, a new shareholder, Yongying Low Carbon Environmental Smart Selection Mixed Fund A, entered the top ten circulating shareholders with 2.4255 million shares [5]. Group 5: Market Outlook - According to Minsheng Securities, Zongheng's revenue has shown continuous improvement in the first three quarters of 2025, with significant growth in Q3 and a turnaround in profitability, supported by effective cost control and ongoing R&D investment [5]. - Guojin Securities highlighted Zongheng as a domestic industrial drone leader, noting a profitability turning point in Q3 2025, with expectations for revenue growth from 596 million yuan in 2025 to 859 million yuan in 2027, and net profits projected to increase from 11.37 million yuan to 96.32 million yuan over the same period [5].