Core Viewpoint - Hengbo Co., Ltd. is a leading player in the automotive internal combustion engine intake system sector, focusing on R&D, production, and sales, with strong technological capabilities and accelerated import substitution [1][6]. Group 1: Company Overview - Hengbo Co., Ltd. was established on October 18, 2005, and was listed on the Shenzhen Stock Exchange on June 16, 2023, with its registered and office address in Taizhou, Zhejiang Province [1]. - The company specializes in the R&D, production, and sales of internal combustion engine intake systems and components, classified under the automotive parts industry [1]. Group 2: Financial Performance - For Q3 2025, Hengbo's revenue was 731 million yuan, ranking 73rd among 103 companies in the industry, significantly lower than the top players Weichai Power (170.57 billion yuan) and Top Group (20.93 billion yuan) [2]. - The net profit for the same period was 94.18 million yuan, ranking 50th in the industry, again trailing behind Weichai Power (10.85 billion yuan) and Top Group (1.97 billion yuan) [2]. Group 3: Financial Ratios - As of Q3 2025, Hengbo's debt-to-asset ratio was 22.92%, up from 18.57% year-on-year, which is below the industry average of 39.06%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 30.08%, slightly down from 30.53% year-on-year, but still above the industry average of 21.53%, reflecting robust profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.28% to 7,997, while the average number of circulating A-shares held per shareholder decreased by 4.10% to 3,736.65 [5]. - Notable changes among the top ten shareholders include an increase in holdings by Caitong Asset Management and the entry of several new shareholders [5]. Group 5: Future Outlook - According to Zhongtai Securities, Hengbo is expected to benefit from the steady growth of the automotive parts industry in 2024, with accelerated import substitution of core domestic components [6]. - The company anticipates a compound annual growth rate (CAGR) of 10.83% in revenue and 19.28% in net profit from 2020 to 2024, with significant contributions from its automotive and motorcycle intake systems [6]. - Hengbo has established a joint venture with DMI to develop the PEEK manufacturing industry chain, enhancing its competitive edge [6].
恒勃股份的前世今生：2025年三季度营收7.31亿元，行业排名73，净利润9417.92万元，行业排名50