Core Insights - The company, New Special Electric, is a leading domestic manufacturer of frequency conversion transformers with a market share exceeding 25% [1][5] - The company was established in March 1985 and went public on April 19, 2022, on the Shenzhen Stock Exchange [1] Financial Performance - For Q3 2025, New Special Electric reported revenue of 324 million yuan, ranking 28th in the industry, significantly lower than the industry leader, TBEA, which had revenue of 72.918 billion yuan [2] - The net profit for the same period was 36.2955 million yuan, ranking 19th in the industry, again far below TBEA's net profit of 5.735 billion yuan [2] Financial Ratios - The company's debt-to-asset ratio stood at 8.17% in Q3 2025, an increase from 4.78% year-on-year, but still well below the industry average of 50.78%, indicating low financial risk [3] - The gross profit margin was 24.08%, down from 29.03% year-on-year, yet still above the industry average of 22.99%, suggesting a competitive edge in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 25.94% to 26,300, while the average number of shares held per shareholder decreased by 20.63% to 8,324.21 [5] - The top ten circulating shareholders saw a change, with one major fund exiting the list [5] Future Outlook - The company is expected to generate revenues of 478 million yuan, 623 million yuan, and 833 million yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 42 million yuan, 82 million yuan, and 130 million yuan [5] - The company is actively exploring new sectors such as data centers and has products in development for solid-state transformers [5][6] - The core product, transformers, accounted for approximately 80% of revenue, with a gross margin of over 30% [6]
新特电气的前世今生：营收行业第28，净利润第19，前瞻布局新行业打开新增量可期