三倍牛股，三年连亏，科森科技没能讲出市场爱听的故事

Core Viewpoint - Kosen Technology (603626.SH) is expected to report a loss of between 330 million yuan and 245 million yuan for the entire year of 2025, marking its third consecutive year of losses, indicating significant challenges in the consumer electronics sector [2][4]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of -330 million yuan to -245 million yuan for 2025, with a net profit excluding non-recurring gains and losses expected to be between -393 million yuan and -308 million yuan [7]. - Kosen Technology's net profit has shown a drastic decline over recent years, with year-on-year changes of -76.48%, -424.29%, and -69.44% from 2022 to 2024, while gross margins have decreased from 14% to 5.34% during the same period [10]. Group 2: Market Position and Challenges - Kosen Technology is a second-tier supplier in the precision structural components sector for consumer electronics, with a market share of less than 3% globally and ranking between fifth and eighth in its domestic niche, generating approximately 3 billion yuan in revenue [4][8]. - The company faces significant pressure from both upstream and downstream in the supply chain, particularly as major clients like Huawei and Apple impose stricter cost controls and cultivate new suppliers to enhance their bargaining power [8]. Group 3: Strategic Adjustments and R&D - The anticipated losses for 2025 are attributed to several factors, including fluctuating market demand, low capacity utilization, strategic adjustments leading to inventory write-offs, and high R&D expenditures impacting net profits [6][18]. - Kosen Technology has maintained a high level of R&D investment, with 167 million yuan allocated in the first three quarters of 2025, representing 6.81% of revenue, although this is significantly lower than industry leaders [19]. Group 4: Market Perception and Speculation - The company has been associated with various high-tech concepts, such as solid-state batteries and foldable screens, which have led to speculative trading despite the weak fundamentals of its core business [11][12]. - Kosen Technology's management has attempted to pivot through strategic adjustments, including the sale of its high-margin medical device business to focus on its core consumer electronics operations, although the effectiveness of these measures remains uncertain [18].