SENSSUN(SZ:002870) Xin Lang Zheng Quan·2025-10-31 10:54Core Viewpoint - Xiangshan Co., Ltd. is a leading company in the domestic weighing industry, known for high-quality products and innovative technology, with a significant market share both domestically and internationally [1] Group 1: Business Overview - Established on June 22, 1999, and listed on May 15, 2017, Xiangshan Co., Ltd. is headquartered in Zhongshan, Guangdong Province [1] - The company focuses on the research, production, and sales of mid-to-high-end household and commercial weighing instruments, health and sports information measurement products, and automotive parts [1] Group 2: Financial Performance - For Q3 2025, Xiangshan Co., Ltd. reported revenue of 4.47 billion yuan, ranking 10th among 36 companies in the industry, with the industry leader, Yunsen Electronics, generating 45.84 billion yuan [2] - The net profit for the same period was 138 million yuan, placing the company 14th in the industry, while Yunsen Electronics reported a net profit of 1.36 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 67.84%, higher than the previous year's 66.97% and above the industry average of 44.11% [3] - The gross profit margin for Q3 2025 was 23.15%, slightly down from 23.52% year-on-year but still above the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.44% to 13,100, while the average number of circulating A-shares held per account increased by 10.42% to 9,870.01 [5] - Notable shareholders include Fu Guo Optimized Enhanced Bond C, which became the fourth-largest circulating shareholder, increasing its holdings by 825,000 shares [5] Group 5: Strategic Outlook - According to Zheshang Securities, Xiangshan Co., Ltd. is facing short-term performance pressure but is actively positioning itself in the low-altitude economy [6] - The automotive parts business is expected to generate 5.09 billion yuan in revenue for 2024, accounting for 86.2% of total revenue, while the weighing instrument business is projected to contribute 770 million yuan [6] - The company anticipates a compound annual growth rate (CAGR) of 15% in net profit from 2025 to 2027, with projected net profits of 160 million, 200 million, and 240 million yuan respectively [6]