ZHENGGUANG(SZ:301092) Xin Lang Zheng Quan·2025-10-31 07:01Core Viewpoint - Zhangguang Co., Ltd. is a leading enterprise in the ion exchange and adsorption resin industry in China, with a focus on research, production, and sales, and has been actively involved in drafting national and industry standards [1] Group 1: Business Performance - In Q3 2025, Zhangguang's revenue was 485 million yuan, ranking 11th among 14 companies in the industry, while the industry leader, Shengquan Group, reported revenue of 8.072 billion yuan [2] - The net profit for the same period was 79.07 million yuan, placing the company 5th in the industry, with Shengquan Group leading at 782 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhangguang's debt-to-asset ratio was 12.73%, an increase from 10.79% year-on-year, significantly lower than the industry average of 33.32% [3] - The company's gross profit margin was 29.32%, slightly down from 29.77% year-on-year, but still above the industry average of 20.81% [3] Group 3: Leadership and Shareholder Information - The chairman, Shen Jianhua, received a salary of 1.0892 million yuan in 2024, a slight decrease from 1.0897 million yuan in 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 1.20% to 10,000, with an average holding of 6,058.98 shares, down by 1.26% [5] Group 4: Future Prospects - The company is set to launch the Jingmen project, which has a total investment of 1 billion yuan and a planned total capacity of 54,880 tons per year, with the first phase expected to produce 39,000 tons annually by the second half of 2025 [5] - Zhangguang is positioned to benefit from domestic substitution in the electronics and nuclear industries, being the first in its sector to obtain nuclear power qualifications [5] - Forecasts for net profit from 2025 to 2027 are 117 million, 196 million, and 265 million yuan, respectively, with corresponding EPS of 0.87, 1.46, and 1.98 yuan per share [5]