XUSHENG(603305) 新浪财经·2025-04-26 10:36Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, but there are signs of improvement in profitability in Q1 2025, with potential growth opportunities in lightweight technology for robotics [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 4.409 billion, a year-on-year decrease of 8.79% - The net profit attributable to shareholders was 416 million, down 41.71% year-on-year - The adjusted net profit was 358 million, a decline of 46.76% year-on-year [1] - In Q1 2025, the company reported operating revenue of 1.046 billion, a year-on-year decrease of 8.12% - The net profit attributable to shareholders was 96 million, down 39.15% year-on-year - The adjusted net profit was 81 million, a decline of 42.67% year-on-year [1] Profitability Improvement - The gross margin for Q1 2025 was 20.80%, an increase of 3.25 percentage points quarter-on-quarter - The net profit margin was 9.14%, up 1.16 percentage points quarter-on-quarter - The company is expected to enhance profitability further as capacity utilization improves [2] Growth Opportunities - The company is focusing on lightweight technology in robotics, which is a key development direction - It is leveraging its expertise in aluminum alloy precision processing to develop critical products such as joint shells and torso components - The company has secured projects from multiple domestic and international clients, indicating potential new growth points in the robotics sector [2] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 501 million, 648 million, and 833 million respectively, representing year-on-year growth of 21%, 29%, and 29% - As of April 25, the market capitalization corresponds to PE ratios of 24 and 19 for 2025 and 2026 respectively, maintaining a "buy" rating [2]