HCNC(SZ:300161) Xin Lang Zheng Quan·2025-10-31 11:50Core Viewpoint - Huazhong CNC is a leading enterprise in the domestic CNC system industry, focusing on CNC systems, components, motors, CNC machine tools, and automation systems, with a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Huazhong CNC reported revenue of 884 million yuan, ranking 8th in the industry, below the top competitor Qinchuan Machine Tool's 3.12 billion yuan and Shenyang Machine Tool's 2.54 billion yuan, with an industry average of 1.11 billion yuan [2] - The net profit for the same period was -70.01 million yuan, ranking 18th in the industry, significantly lower than the top performer Haitian Precision's 338 million yuan and Qiaofeng Intelligent's 277 million yuan, with an industry average of 63.57 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huazhong CNC's debt-to-asset ratio was 62.48%, a decrease from 64.05% year-on-year, but still above the industry average of 45.02%, indicating some pressure on debt repayment capacity [3] - The gross profit margin for the same period was 36.67%, an increase from 34.63% year-on-year, and higher than the industry average of 27.38% [3] Group 3: Executive Compensation - The chairman, Chen Jihong, received a salary of 901,300 yuan in 2024, an increase of 216,000 yuan from 2023 [4] - The president, Tian Maosheng, earned 949,500 yuan in 2024, up by 92,200 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.35% to 28,500, while the average number of circulating A-shares held per shareholder increased by 0.35% to 6,850.34 [5] - New shareholders include various ETFs, with notable increases in holdings from Huaxia CSI Robot ETF and Tianhong CSI Robot ETF [5] Group 5: Future Outlook - Despite short-term revenue pressure, the company has narrowed its losses year-on-year, benefiting from structural optimization and effective cost control [5] - The company maintains high R&D investment and has launched the world's first AI chip-embedded intelligent CNC system, the "Huazhong 10" [5] - Future net profit forecasts for 2025-2027 have been adjusted downwards to 70 million, 131 million, and 197 million yuan respectively [5] - Analysts from Guojin Securities expect the company to recover from a low performance period due to sanctions, with a promising growth outlook in the AI CNC system and robotics sectors [6]