kxjd(SZ:300092) Xin Lang Zheng Quan·2025-10-31 22:50Core Insights - Kexin Electromechanical, established in 1997 and listed in 2010, is a leading domestic manufacturer of high-end heavy process equipment, with a strong technical foundation and extensive project experience [1] Business Overview - Kexin Electromechanical's main business includes the design, manufacturing, installation, and service of high-end heavy process equipment and core systems in sectors such as petroleum refining, natural gas chemical, coal chemical, nuclear power, military, new energy, and new materials [1] Financial Performance - For Q3 2025, Kexin Electromechanical reported revenue of 856 million yuan, ranking 32nd among 58 companies in the industry, significantly lower than the top companies [2] - The net profit for the same period was 55.19 million yuan, placing it 36th in the industry, again showing a substantial gap from the leading firms [2] Financial Ratios - The asset-liability ratio slightly increased to 29.01% from 28.77% year-on-year, remaining below the industry average of 46.18%, indicating good debt repayment capability [3] - The gross profit margin decreased to 25.37% from 27.79% year-on-year, which is also below the industry average of 26.77% [3] Executive Compensation - The chairman, Lin Zhenhua, received a salary of 741,600 yuan in 2024, a slight increase from 734,400 yuan in 2023 [4] - The general manager, Li Yong, earned 720,400 yuan in 2024, up from 599,300 yuan in 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.11% to 25,800, while the average number of shares held per shareholder increased by 6.51% to 8,128.99 [5] Market Outlook - CICC noted that Kexin Electromechanical's short-term performance is under pressure, with Q3 2025 revenue down 21.54% year-on-year and net profit down 93.51% [6] - The revenue decline is attributed to changes in product structure and increased workload in the production of large pressure vessels, while the net profit drop is due to lower overall gross margins and increased credit impairment provisions [6] - The company is expected to benefit from growth in the new energy sector, particularly in solid-state battery equipment, and its technical advantages in petroleum refining and coal chemical sectors [6]