Core Viewpoint - Zhongji Renjian, a leading vehicle inspection company in China, was listed on the Shenzhen Stock Exchange on December 1, 2023, and is backed by a state-owned enterprise, enhancing its credibility and customer base [1] Group 1: Business Overview - Zhongji Renjian was established on November 28, 2003, and operates in the social services sector, specifically in professional inspection services, including vehicle and military equipment inspections, as well as various certification services [1] - As of Q3 2025, the company reported an operating revenue of 609 million yuan, ranking 11th among 21 companies in the industry, with the top competitor, Huace Testing, generating 4.702 billion yuan [2] - The revenue composition includes inspection services at 283 million yuan (72.84%), certification services at 83.37 million yuan (21.48%), and automotive design at 13.49 million yuan (3.48%) [2] Group 2: Financial Performance - In Q3 2025, Zhongji Renjian achieved a net profit of 113 million yuan, ranking 7th in the industry, with the leading company, Huace Testing, reporting a net profit of 810 million yuan [2] - The company's asset-liability ratio stood at 23.94%, lower than the industry average of 26.67%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 47.12%, surpassing the industry average of 43.39% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.07% to 15,500, while the average number of circulating A-shares held per shareholder increased by 9.98% to 3,799.33 [5] - The largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 2.9885 million shares, unchanged from the previous period [5] Group 4: Management and Compensation - The chairman, Fu Zhijian, received a salary of 1.383 million yuan in 2024, a decrease of 96,400 yuan from 2023 [4] - The general manager, Liu Zhongxing, will earn 1.2803 million yuan in 2024, down 92,400 yuan from the previous year [4] Group 5: Future Outlook - Guotai Junan Securities initiated coverage on Zhongji Renjian with an "Accumulate" rating, projecting net profits of 201 million, 251 million, and 295 million yuan for 2025 to 2027, with corresponding EPS of 0.89, 1.11, and 1.31 yuan [6] - The company is expected to benefit from its strong brand credibility, stable customer base, and growth in the new energy vehicle inspection sector, with a projected revenue compound annual growth rate of 17.9% from 2020 to 2024 [6]