Ningbo Sunrise(SZ:002937) Xin Lang Cai Jing·2025-10-31 12:51Core Viewpoint - Xingrui Technology, established in 2001 and listed in 2018, is a precision electronic component manufacturer with strong technical capabilities in the automotive electronics sector, focusing on mold technology and advanced manufacturing techniques [1] Group 1: Business Performance - In Q3 2025, Xingrui Technology reported revenue of 1.328 billion yuan, ranking 24th among 36 companies in the industry, significantly lower than the top competitor, Yujing Electronics, which had revenue of 45.844 billion yuan [2] - The net profit for the same period was 118 million yuan, placing the company 19th in the industry, again trailing behind Yujing Electronics and another competitor, with an industry average net profit of 217 million yuan [2] Group 2: Financial Ratios - The asset-liability ratio for Q3 2025 was 36.92%, slightly up from 36.69% in the previous year, but still below the industry average of 44.11%, indicating good debt repayment capability [3] - The gross profit margin was reported at 24.01%, down from 26.96% year-on-year, yet still above the industry average of 19.46%, reflecting a competitive edge in profitability [3] Group 3: Executive Compensation - The chairman, Zhang Zhongliang, received a salary of 1.2 million yuan in 2024, an increase of 450,000 yuan from 2023 [4] - The general manager, Chen Songjie, earned 1.597 million yuan in 2024, a decrease of 88,400 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.61% to 19,200, while the average number of circulating A-shares held per shareholder decreased by 7.93% to 15,400 [5] Group 5: Business Highlights - A strategic cooperation framework agreement was signed with Shenzhen Green Cloud Map to enhance production and technology development for liquid cooling server products, indicating a potential expansion into high-growth markets [6] - The production of a new automotive parts base in Ningbo is expected to boost capacity, alongside future expansion projects in Suzhou and overseas [6] - Longcheng Securities maintains a "buy" rating, projecting net profits of 245 million yuan, 275 million yuan, and 323 million yuan for 2025 to 2027 [6]