XUSHENG(SH:603305) Zhong Guo Jin Rong Xin Xi Wang·2025-12-23 06:57Core Viewpoint - Xu Sheng Group, a leading manufacturer of precision aluminum alloy components for electric vehicles, is undergoing a significant ownership change as founder Xu Xudong seeks to transfer control to Guangzhou Industrial Control Group for a total consideration of 4.295 billion yuan, pending regulatory approval [1][2]. Group 1: Company Overview - Xu Sheng Group specializes in the research, production, and sales of precision aluminum alloy components, focusing on lightweight solutions and mastering three aluminum alloy forming processes: die casting, forging, and extrusion [2]. - The company was established in 2003 and became a key supplier for Tesla in 2013, which significantly boosted its performance and led to its listing on the Shanghai Stock Exchange in 2017 [2]. - The company's revenue grew from 155 million yuan in 2013 to over 4.8 billion yuan in 2023, achieving a compound annual growth rate of over 40% [3]. Group 2: Financial Performance - Despite the revenue growth, Xu Sheng Group has faced a decline in net profit, with a projected decrease of 41.71% for the full year of 2024 and a further decline of 7.16% in the first three quarters of 2025 [3]. - The company attributes its challenges to strong cost-cutting demands from clients and fluctuations in end-user demand, leading to unmet order expectations [3]. - East Wu Securities has revised its net profit forecasts for 2025-2027 downwards, now predicting 455 million yuan, 556 million yuan, and 683 million yuan respectively, citing intense industry competition [3].