Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 reached 1.225 billion yuan, a year-on-year increase of 14.90%, with a net profit attributable to shareholders of 172 million yuan, up 13.70% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 343 million yuan, representing a year-on-year growth of 27.28%, and a net profit of 67 million yuan, up 28.38% year-on-year [4] - The company is expected to maintain steady growth, with projected net profits for 2025-2027 at 238 million yuan (-0.63), 282 million yuan (-0.88), and 332 million yuan, respectively [4][5] Financial Performance - The company reported a gross margin of 29.74% and a net margin of 14.02% for 2024, with a slight increase in gross margin and a slight decrease in net margin compared to the previous year [5] - The revenue breakdown for 2024 shows rubber sealing strips generating 985 million yuan (up 20.83%), plastic sealing strips at 199 million yuan (down 4.68%), and metal roller parts at 7 million yuan (up 13.08%) [5] - The company has maintained good cost control, with sales, management, R&D, and financial expense ratios showing slight decreases [5] Market Position and Growth Drivers - The company has doubled its new order acquisition, with over 42 new project models in development, significantly increasing its project count compared to 2023 [6] - The company is enhancing its customer base by deepening cooperation with key clients such as Geely, Chery, and Chang'an, which is expected to further increase market share [6] - The company is expanding its advanced production capacity, with investments in smart manufacturing and new production lines, creating approximately 2 billion yuan in advanced capacity [6] Financial Summary and Valuation Metrics - The projected revenue for 2025 is 1.484 billion yuan, with a year-on-year growth of 21.2%, and net profit is expected to reach 238 million yuan, reflecting a growth of 38.5% [7] - The company's earnings per share (EPS) for 2025 is projected at 0.88 yuan, with corresponding price-to-earnings (P/E) ratios of 14.9, 12.6, and 10.7 for 2025, 2026, and 2027, respectively [7][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 1.225 billion in 2024, representing a year-on-year growth of 14.9%. The net profit attributable to shareholders was 172 million, up 13.7% year-on-year, while the non-recurring profit was 167 million, increasing by 13.6% [2][4] - In Q1 2025, the company reported a revenue of 343 million, a year-on-year increase of 27.3%. The net profit attributable to shareholders was 67 million, growing by 28.4%, and the non-recurring profit was 66 million, up 28.9% [2][4] - The company’s gross margin for 2024 was 29.7%, an increase of 0.4 percentage points year-on-year, benefiting from high-priced orders and the ramp-up of higher-margin products [10] - The company has a strong cost advantage, with over 90% of its tooling molds self-manufactured, leading to significant cost savings compared to outsourcing [10] - The company has a robust project pipeline, with 42 new vehicle models under development and more than double the number of new projects compared to 2023, supporting sustainable growth [10] Financial Summary - For 2024, total revenue is projected at 1.225 billion, with a gross profit of 364 million, resulting in a gross margin of 30% [14] - The net profit for 2024 is estimated at 172 million, with an EPS of 0.63 [14] - The company expects net profits of approximately 240 million and 300 million for 2025 and 2026, respectively, corresponding to PE ratios of 15 and 12 times [10]

Core Viewpoint - Zhejiang Xiantong Rubber and Plastic Co., Ltd. is set to hold an earnings briefing for the fiscal year 2024 and the first quarter of 2025 on April 29, 2025, to enhance investor understanding of its financial performance and operational results [2][3]. Group 1: Meeting Details - The earnings briefing will take place on April 29, 2025, from 15:00 to 16:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an interactive online format [4][5]. - Investors can submit questions from April 22 to April 28, 2025, through the Roadshow Center website or via the company's email [5]. Group 2: Participants and Contact Information - Key participants in the meeting will include Chairman Ye Weiliang, Secretary of the Board Xiang Qingfeng, and Chief Financial Officer Liu Ling [4]. - For inquiries, investors can contact the Securities Affairs Department at 0576-87684158 or via email at zjxtzqb@163.com [5].

证券代码：603239 证券简称：浙江仙通 公告编号：2025-015 浙江仙通橡塑股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 04 月 29 日 （星期二） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 22 日 （星期二） 至 04 月 28 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 zjxtzqb@163.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 浙江仙通橡塑股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公司 2024 年度报告、2025 年第一季度报告，为便于广 大投资者更全面深入地了解公司2024年度以及2025年第一季度经营 ...

Summary of Conference Call for Xiantong Co., Ltd. Company Overview - **Company**: Xiantong Co., Ltd. - **Industry**: Automotive sealing products Key Points Financial Performance - **Q1 Revenue Growth**: Revenue increased by 25% year-on-year, with a significant improvement in net profit margin due to a 2.1 times increase in new project numbers compared to the previous year, expected to start mass production in the next 18-24 months [1][3][5] - **Profitability Outlook**: Gross margin is expected to remain between 28%-29% in 2024 due to customer rebates, but profitability is anticipated to improve in Q1 2025 as rebates are not affecting the current quarter [1][9] Strategic Initiatives - **Project Acquisition**: The company plans to secure more projects over the next 2-3 years to solidify its leading position in the industry, with a focus on high-quality projects [1][5][12] - **Investment Plans**: Xiantong intends to invest 800 million yuan to build first-class production capacity, including logistics, production equipment, and R&D center upgrades, aiming for a 4.5 billion yuan industry scale [1][5][6] Market Position and Competition - **Competitive Landscape**: The company is enhancing its technical capabilities and product quality through collaborations with high-end automakers such as FAW Hongqi, BYD, and Mercedes-Benz. Competitors like Cooper Standard have shown signs of business divestment, indicating Xiantong's competitive strength in the sealing strip sector [1][6][8] - **Market Share**: Xiantong holds approximately 45% market share with key clients like Geely and Chery, focusing on new energy vehicles [3][21][23] Future Growth and Development - **New Orders**: The company has secured a significant number of new orders, primarily from Geely and Chery, with a focus on new energy vehicles. The total number of projects for Chery is around 678 [21][22] - **Long-term Strategy**: Xiantong aims to become the largest automotive sealing strip supplier in China, with plans to expand its production capacity and continue acquiring new projects [7][24] Risk Management and Challenges - **Market Pressures**: The automotive industry is facing intense competition, with upstream pressures such as project rebates and price reductions affecting revenue and net profit. However, Xiantong has managed to maintain a strong performance despite these challenges [3][9][36] - **Cash Flow and Financing**: The company is considering refinancing options for its 800 million yuan investment, with a focus on repairing its stock price before proceeding with financing [18][19] Additional Insights - **Raw Material Prices**: The price of nitrile rubber remains high due to supply chain issues, although a long-term decrease is expected as oil prices stabilize [26] - **Product Development**: Xiantong is exploring opportunities in the humanoid robotics sector to ensure long-term growth and technological innovation [34][35] Conclusion Xiantong Co., Ltd. is positioned for growth in the automotive sealing products industry, with a strong focus on project acquisition, strategic partnerships, and investment in production capacity. Despite facing competitive pressures, the company is optimistic about its profitability and market share expansion in the coming years.

Core Viewpoint - Zhejiang Xiantong (603239) has demonstrated strong growth in 2024, achieving record highs in both revenue and net profit despite increasing competition in the automotive parts industry [2][3]. Financial Performance - The company reported a revenue of 1.225 billion yuan, a year-on-year increase of 14.90% - Net profit reached 172 million yuan, reflecting a growth of 13.70% [2] - In Q1 2024, revenue was 343 million yuan, up 27.28%, and net profit was approximately 66.69 million yuan, increasing by 28.38% [4] R&D and Technological Advancements - Zhejiang Xiantong invested 49.69 million yuan in R&D in 2024, accounting for 4.06% of revenue - The company holds 26 core technology patents, including 9 invention patents, and maintains a leading position in rubber vulcanization and seamless interface technologies [2][3] Market Position and Client Network - As a leader in the domestic automotive sealing strip industry, the company has established a robust client network, including major automakers like FAW-Volkswagen and SAIC General - In 2024, the top five clients accounted for 86.72% of total sales [3] Production and Cost Control - The company produced 109 million meters of rubber sealing strips in 2024, a 14.81% increase from the previous year - Cost control measures, including over 90% self-manufacturing of tooling and optimized procurement processes, led to a gross margin of 28.49%, up 1.05 percentage points from the previous year [3] Shareholder Returns - Zhejiang Xiantong plans to distribute 2.10 yuan per 10 shares in cash dividends for 2024, totaling 56.85 million yuan - Cumulatively, the company has distributed over 860 million yuan in dividends since its listing, with an average payout ratio of 70% [3] Future Outlook - The company is planning to acquire approximately 87 acres of land for advanced production lines to meet future growth demands - It aims to leverage resources from its controlling shareholder for mergers and acquisitions to cultivate a second growth curve, targeting a total production capacity of 2.5 billion yuan within two years [3]

本报讯 （记者冯思婕）4月18日，浙江仙通橡塑股份有限公司（以下简称"浙江仙通"）发布了2024年度 业绩报告与2025年第一季度报告。2024年，公司实现营业收入12.25亿元，同比增长14.9%；归母净利润 1.72亿元，同比增长13.7%；扣非归母净利润1.67亿元，同比增长13.57%。 2025年第一季度，浙江仙通实现营收3.43亿元，同比增长27.28%；实现归母净利润6668.83万元，同比 增长28.38%，延续了上一年的良好势头。 同时，浙江仙通2024年度将派发现金红利每股0.21元（含税），按此计算，上市以来公司共计派发红利 将超过8.6亿元，年均分红比例达70%，积极回馈投资者，分享发展成果。 2024年，随着市场竞争加剧与行业洗牌，汽车密封条行业竞争更趋白热化，行业企业普遍出现亏损，部 分密封条企业逐渐退出市场。在此竞争格局下，浙江仙通深耕主营所带来的行业红利持续释放。依托丰 富的客户资源、优势的成本控制能力，公司加大项目获取力度。 据浙江仙通初步统计，截至2024年底，公司统计在研新项目车型42个，新接项目总数超过2023年项目的 2倍，为公司未来可持续、快速发展提供强有力的支撑。 ...

业绩如期兑现，北美整体转盈 基盘业务定点获取加速，中长期发展思路 [Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 浙江仙通(603239)公司点评报告 2025 年 04 月 21 日 [Table_Summary] 事件： 公司发布 2024 年年报与 2025 年第一季度报告，业绩符合我们预期。2024 年公司实现营收 12.25 亿元，同比 +14.90%；实现归母净利润 1.72 亿元， 同比 +13.70%；实现扣非归母净利润 1.67 亿元，同比 +13.57%。2025 年 Q1 公司实现营收 3.43 亿元，同比 +27.28%；实现归母净利润 0.67 亿 元，同比 +28.38%；实现扣非归母净利润 0.66 亿元，同比 +28.88%。 行业洗牌加速，顺势加快定点项目获取步伐，订单储备充裕 清晰 ——浙江仙通(603239)公司点评报告 报告期内，中国汽车密封条行业竞争激烈，洗牌加速，多数企业亏损，部分 企业退出市场。在此背景下，公司深挖主营，行业红利持续释放，凭借丰富 客户资源与成本优势，加大项目获取力度。同时，外资企业亏损加剧，公司 以成本和技术优势对接 ...

Investment Rating - The investment rating for Zhejiang Xiantong (603239) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections [2]. Core Viewpoints - The company reported a revenue of 1.23 billion yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 172 million yuan, up 13.7% year-on-year. In Q1 2025, revenue reached 340 million yuan, a 27.3% increase year-on-year, with a net profit of 67 million yuan, growing 28.4% year-on-year [2]. - The company is experiencing steady growth due to the continuous release of industry dividends from its core business, with 42 new vehicle models under development and a doubling of new project numbers compared to 2023 [2]. - The company has established itself as a leading domestic automotive sealing strip manufacturer, with a strong customer base including major automotive brands. It is actively expanding its production capacity and enhancing its manufacturing capabilities [2][3]. - A planned investment of approximately 1 billion yuan for land acquisition and the establishment of an intelligent manufacturing and R&D center is expected to significantly increase production capacity [2]. Financial Summary - The total revenue for 2023 was 1.066 billion yuan, with projections of 1.225 billion yuan for 2024, 1.473 billion yuan for 2025, and further growth to 2.2 billion yuan by 2027, reflecting a compound annual growth rate of approximately 22.1% [4]. - The net profit attributable to shareholders is projected to grow from 151 million yuan in 2023 to 345 million yuan by 2027, with corresponding EPS increasing from 0.56 yuan to 1.27 yuan [4]. - The gross margin is expected to improve gradually from 28.7% in 2023 to 30.5% in 2027, indicating enhanced profitability [4].

[Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 浙江仙通(603239) 投资评级 上次评级 [Table_S 事件：4ummar 月 18y]日，公司发布 2024 年年度报告以及 2025 年第一季度报告， 2024 年公司实现收入 12.3 亿元，同比增长 14.9%；实现归母净利润 1.72 亿元，同比增长 13.7%。2025 年一季度公司实现收入 3.4 亿元，同比增长 27.3%；实现归母净利润 0.67 亿元，同比增长 28.4%。 点评： 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 联系电话：13120151000 赵启政 ...