XUSHENG(SH:603305) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with expectations for continued challenges in 2025, but potential for recovery through emerging industries and strategic customer focus [1][2][4] Financial Performance - 2024 revenue decreased by 8.8% year-on-year to 4.41 billion yuan, while net profit fell by 41.7% to 416 million yuan [1] - Q4 2024 revenue was 1.13 billion yuan, down 9.9% year-on-year, but showed a slight increase of 0.8% quarter-on-quarter [1] - Q1 2025 revenue is projected at 1.05 billion yuan, down 8.1% year-on-year and 7.8% quarter-on-quarter [1] - Q1 2025 net profit is expected to be 960 million yuan, a decrease of 39.2% year-on-year [1] Margin Analysis - Q4 2024 gross margin decreased by 3.3 percentage points year-on-year to 17.6%, while Q1 2025 gross margin improved by 3.2 percentage points quarter-on-quarter to 20.8% [2] - The increase in Q1 2025 gross margin is attributed to the elimination of one-time warranty fee impacts from Q4 2024 [2] - The company anticipates that the energy storage business will contribute positively to gross margins in 2025 [2] Strategic Initiatives - The company is expanding into emerging industries such as energy storage, robotics, and low-altitude flight, which are expected to drive long-term growth [3] - A focus on major domestic and international clients is evident, with significant orders from North American electric vehicle platforms and partnerships with leading domestic manufacturers [3] - The establishment of production bases in Mexico and Thailand is part of the company's global strategy to enhance its manufacturing capabilities and customer reach [3] Technological Advancements - The company possesses advanced capabilities in aluminum alloy forming processes, including die-casting, forging, and extrusion, which support its competitive edge [3] - Successful development of magnesium alloy semi-solid injection molded motor housings is expected to lead to new projects in the automotive sector and support the robotics business [3] Future Outlook - The company has revised its net profit forecasts for 2025 and 2026 downwards by 19% and 21% to 500 million yuan and 660 million yuan, respectively, while introducing a new forecast for 2027 at 880 million yuan [4] - Despite current challenges, the long-term outlook remains positive due to the company's technological advantages and strategic positioning in emerging industries [4]