Beijing JCZ Technology (SH:688291) Xin Lang Cai Jing·2025-10-31 23:37Core Viewpoint - Jin Chengzi is a leading domestic laser processing control system company with strong core technology advantages and rich industry experience, presenting high investment value [1] Group 1: Business Performance - In Q3 2025, Jin Chengzi achieved operating revenue of 185 million yuan, ranking 82nd among 102 companies in the industry, significantly lower than the top company Shanghai Steel Union's 57.318 billion yuan and the second company Desay SV's 22.337 billion yuan, as well as below the industry average of 171.2 million yuan and median of 41.9 million yuan [2] - The net profit for the same period was 36.218 million yuan, ranking 32nd in the industry, with a substantial gap compared to the top company Desay SV's 1.805 billion yuan and the second company Tonghuashun's 1.206 billion yuan, although it was above the industry average of 26.431 million yuan and median of -7.1992 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jin Chengzi's debt-to-asset ratio was 9.45%, up from 5.95% in the previous year, significantly lower than the industry average of 31.94%, indicating strong debt repayment capability [3] - The gross profit margin for the same period was 59.20%, an increase from 57.86% year-on-year, which is higher than the industry average of 41.71%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.38% to 7,338, while the average number of circulating A-shares held per household increased by 3.50% to 4,587.99 [5] - Among the top ten circulating shareholders, Nanhua Fenghui Mixed A (015245) entered the list with 221,000 shares, while Guangfa Technology Innovation Mixed A (008638), Jinying Min'an Return Open A (006972), and Jiaoyin Advanced Manufacturing Mixed A (519704) exited [5] Group 4: Future Outlook - Zheshang Securities indicated that Jin Chengzi is a leading enterprise in laser control systems, with expected performance turning points due to several business highlights, including steady growth in traditional laser processing equipment and accelerated growth in emerging industries [5] - The company plans to acquire 55% of Samit, which is expected to create synergistic effects, with projected revenues of 270 million, 360 million, and 460 million yuan from 2025 to 2027, and net profits of 50 million, 70 million, and 100 million yuan respectively [5] - Shenwan Research Institute noted that Jin Chengzi is a national-level specialized and innovative "little giant," benefiting from domestic substitution and the collaborative development of software and hardware [6]