Sobute New Materials (SH:603916) Xin Lang Cai Jing·2025-10-31 14:21Core Viewpoint - Su Bote is a leading supplier of concrete additives in China, with strong R&D capabilities and a complete industry chain advantage, having been established in December 2004 and listed on the Shanghai Stock Exchange in November 2017 [1] Group 1: Business Performance - In Q3 2025, Su Bote reported revenue of 2.577 billion yuan, ranking 13th out of 79 in the industry, with the top competitor, Sinochem International, achieving 35.716 billion yuan [2] - The net profit for the same period was 142 million yuan, placing the company 17th in the industry, with the leading competitor, Hangyang Co., reporting 850 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Su Bote's debt-to-asset ratio was 44.24%, an increase from 39.76% year-on-year, which is higher than the industry average of 34.74% [3] - The gross profit margin for Q3 2025 was 33.14%, slightly up from 32.89% year-on-year, and significantly above the industry average of 19.93% [3] Group 3: Executive Compensation - The chairman, Mao Liangxi, received a salary of 1.0575 million yuan in 2024, an increase of 41,500 yuan from 2023 [4] - The current general manager, Hong Jinxiang, has a salary of 1.0785 million yuan for 2024, which is an increase of 74,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.11% to 25,100, with an average holding of 16,800 circulating A-shares, a decrease of 23.14% [5] - New significant shareholders include the "Zhaoshang Quantitative Selected Stock Fund" with 2.7122 million shares, while "Nu'an Pioneer Mixed A" exited the top ten circulating shareholders [5] Group 5: Analyst Ratings and Forecasts - Open Source Securities maintains a "Buy" rating for Su Bote, forecasting net profits of 153 million, 204 million, and 244 million yuan for 2025 to 2027 [5] - Huatai Securities also maintains a "Buy" rating, predicting net profits of 164 million, 206 million, and 241 million yuan for the same period, with a target price of 13.44 yuan based on a 28x PE valuation for 2026 [6]