NCE(SH:605111) Xin Lang Cai Jing·2025-10-31 10:25Core Viewpoint - New Clean Energy, established in 2013 and listed in 2020, is a leading domestic power semiconductor company focusing on MOSFET and IGBT products, showcasing strong R&D capabilities and product advantages [1] Group 1: Business Performance - In Q3 2025, New Clean Energy achieved revenue of 1.385 billion yuan, ranking 7th among 18 companies in the industry, with the top company, Wingtech Technology, generating 29.769 billion yuan [2] - The company's net profit for the same period was 333 million yuan, placing it 5th in the industry, while the industry leader reported a net profit of 1.505 billion yuan [2] - Year-on-year revenue growth was 2.19%, and net profit growth was 0.70% [6] Group 2: Financial Health - As of Q3 2025, New Clean Energy's debt-to-asset ratio was 9.42%, lower than the industry average of 24.02%, indicating strong solvency [3] - The gross profit margin for the same period was 34.18%, above the industry average of 30.71%, despite a decrease from 36.58% in the previous year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.09% to 75,300, while the average number of circulating A-shares held per shareholder decreased by 2.05% [5] - Hong Kong Central Clearing Limited was the second-largest shareholder, increasing its holdings by 805,200 shares [5] Group 4: Executive Compensation - The chairman, Zhu Yuanzheng, received a salary of 2.487 million yuan in 2024, an increase of 667,000 yuan from 2023 [4] - The general manager, Ye Peng, earned 2.188 million yuan in 2024, up by 543,000 yuan from the previous year [4] Group 5: Future Outlook - The company is expected to achieve revenues of 1.9 billion, 2.47 billion, and 3.1 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 440 million, 610 million, and 750 million yuan [6] - Analysts have raised the target price to 44.4 yuan, indicating a potential upside of 18%, while maintaining a "buy" rating [6]