YDC(SH:605555) Xin Lang Zheng Quan·2025-10-31 14:50Core Insights - Dechang Co., Ltd. is a leading player in the small home appliance industry, focusing on small appliances and automotive EPS motors, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Dechang's revenue reached 3.288 billion yuan, ranking 4th among 8 companies in the industry, with the top company, Ecovacs, generating 12.877 billion yuan [2] - The net profit for the same period was 162 million yuan, also ranking 4th, while Ecovacs reported a net profit of 1.418 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Dechang's debt-to-asset ratio was 42.42%, lower than the industry average of 47.40% [3] - The gross profit margin for the same period was 14.05%, which is below the industry average of 30.98% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.98% to 25,900 [5] - The average number of circulating A-shares held per shareholder decreased by 10.70% to 18,700 [5] Group 4: Management Compensation - The chairman and general manager, Huang Yuchang, received a salary of 1.9998 million yuan in 2024, an increase of 259,500 yuan from the previous year [4] Group 5: Analyst Insights - Guosheng Securities noted a 10.1% year-on-year revenue growth to 3.29 billion yuan in the first three quarters of 2025, but a 46.3% decline in net profit to 160 million yuan due to tariff impacts [5] - CICC indicated that Q3 2025 performance was below expectations due to tariffs, overseas production shifts, and exchange rate effects, but revenue growth accelerated quarter-on-quarter [5]