Zhejiang Longsheng(SH:600352) Xin Lang Cai Jing·2025-10-31 12:18Core Viewpoint - Zhejiang Longsheng is the largest textile chemical producer globally, with a strong market position in dyes, intermediates, and water-reducing agents, showcasing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Zhejiang Longsheng achieved a revenue of 9.671 billion yuan, ranking first among 13 companies in the industry, significantly surpassing the second-ranked company, Runtu Co., which reported 4.163 billion yuan [2] - The net profit for Q3 2025 was 1.592 billion yuan, also leading the industry, with the second place at 0.230 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 51.18%, higher than the previous year's 49.89% and above the industry average of 28.88% [3] - The gross profit margin for Q3 2025 was 29.32%, an increase from 28.61% year-on-year, and also above the industry average of 20.94% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.04% to 109,100, while the average number of circulating A-shares held per account increased by 8.75% to 29,800 [5] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 198 million shares, a decrease of 27.336 million shares from the previous period [5] Group 4: Future Projections - Guohai Securities projects the company's revenue for 2025-2027 to be 14.816 billion, 19.473 billion, and 22.659 billion yuan, with corresponding net profits of 2.125 billion, 2.460 billion, and 2.904 billion yuan, reflecting a PE ratio of 16, 14, and 12 times respectively [6] - Shenwan Hongyuan maintains net profit forecasts for 2025-2026 at 2.080 billion and 2.310 billion yuan, with a new projection for 2027 at 2.540 billion yuan, corresponding to PE valuations of 16X, 15X, and 13X [6]