XUSHENG(SH:603305) Xin Lang Cai Jing·2025-08-28 08:43Core Insights - The company reported a revenue of 2.1 billion yuan for the first half of 2025, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of 200 million yuan, down 24.2% [1] - In Q2 2025, the company achieved a revenue of 1.05 billion yuan, a year-on-year increase of 3.9%, and a net profit of 105 million yuan, a decrease of 2.4% [1] - The company’s Q2 revenue recovery and improved gross margin are attributed to the growth in emerging businesses, particularly in the energy storage sector, which generated approximately 300 million yuan in revenue, showing explosive growth year-on-year [1] Business Development - The company is actively expanding its energy storage, robotics, and magnesium alloy sectors, establishing partnerships with global energy storage system integrators and focusing on core components for robotics [2] - In the magnesium alloy sector, the company has successfully introduced multiple projects in the new energy vehicle market, applying magnesium alloy materials in various automotive components [2] Global Strategy - The company’s Mexico plant commenced operations in June 2025, with plans to enhance capacity utilization through automation and local operational improvements [3] - The Thailand facility broke ground in July 2025, aiming to support the rapidly growing new energy vehicle and high-end intelligent manufacturing sectors in Southeast Asia [3] - The establishment of these overseas bases strengthens the company’s competitiveness in lightweight and high-end manufacturing, expanding its customer base and enhancing brand influence in international markets [3] Profit Forecast - Due to increased industry competition and uncertainties related to new capacity, the company adjusted its net profit forecasts for 2025-2026 to 510 million yuan and 620 million yuan, respectively, with a new forecast for 2027 set at 750 million yuan [3] - The expected year-on-year growth rates for 2025-2027 are 21%, 23%, and 21%, respectively, while maintaining a "buy" rating [3]