Leadyo(SH:688135) Xin Lang Zheng Quan·2025-10-31 08:28Core Viewpoint - Liyang Chip, a well-known independent third-party professional testing technology service provider in China, focuses on integrated circuit testing and has a comprehensive testing capability for SoC chips [1] Group 1: Business Performance - In Q3 2025, Liyang Chip achieved revenue of 443 million yuan, ranking 11th among 13 companies in the industry, while the industry leader, Changjiang Electronics, reported revenue of 28.669 billion yuan [2] - The net profit for the same period was 2.7353 million yuan, placing the company 10th in the industry, with the top performer, Tongfu Microelectronics, reporting a net profit of 999.4 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Liyang Chip's debt-to-asset ratio was 55.25%, down from 56.24% year-on-year, which is higher than the industry average of 40.98% [3] - The gross profit margin for Q3 2025 was 26.02%, an increase from 24.51% year-on-year, exceeding the industry average of 20.20% [3] Group 3: Executive Compensation - The chairman, Huang Jiang, received a salary of 4.605 million yuan in 2024, an increase of 22,100 yuan from 2023 [4] - The general manager, Zhang Yifeng, earned 2.7631 million yuan in 2024, up by 27,300 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 50.88% to 22,800, while the average number of circulating A-shares held per account decreased by 33.44% to 8,924.17 [5] - The company is pursuing a "one body, two wings" strategy, with integrated circuit testing revenue growing by 21.85% year-on-year in the first half of 2025 [5] Group 5: Future Outlook - Revenue is projected to grow by 24.6%, 24.2%, and 23.0% from 2025 to 2027, reaching 608 million, 756 million, and 930 million yuan respectively, with net profit expected to turn positive by 2027 [5] - The company is focusing on the autonomous driving and robotics sectors to enhance future growth potential [5]