Xiantong Stock(SH:603239) Xin Lang Cai Jing·2025-08-26 12:35Financial Performance - In the first half of 2025, the company achieved operating revenue of 672 million, representing a year-on-year growth of 21.10% [1] - The net profit attributable to the parent company reached 107 million, with a year-on-year increase of 17.10% [1] - The gross margin for the first half of 2025 was 29.94%, a decrease of 1.2 percentage points compared to the previous year [1] Cost Management - The company demonstrated a reduction in expense ratios: sales expense ratio at 3.62% (down 0.08 percentage points), management expense ratio at 4.33% (down 0.12 percentage points), and R&D expense ratio at 3.81% (down 0.39 percentage points) [1] - The company has a strong cost control advantage, with a gross margin at a high level due to several factors, including a self-manufacturing rate of over 90% for tooling and molds [2] - The company employs strict performance assessment and incentive mechanisms linking employee compensation to production waste rates [2] Client Base and Market Position - The company has established itself as a leader in the domestic automotive sealing strip industry, serving notable clients such as FAW-Volkswagen, SAIC Volkswagen, and Geely [2] - The company optimizes procurement processes and reduces costs by integrating raw material varieties and improving formulations [2] Future Profit Projections - The company is expected to achieve net profits attributable to the parent company of 252 million, 308 million, and 366 million for the years 2025, 2026, and 2027, respectively [2] - Corresponding price-to-earnings ratios are projected to be 17.6, 14.3, and 12.1 times for the same years [2]