XUSHENG(SH:603305) Zheng Quan Shi Bao Wang·2026-01-05 09:40Core Insights - Company has received a significant order from a North American electric vehicle manufacturer, with a project lifecycle of approximately 8 years and a total sales amount of about 7.8 billion yuan, expected to start mass production by the end of 2026 [1] - The company has established itself as a core supplier in the Tesla supply chain and is expanding its global footprint with production bases in Mexico and Thailand [2] - A control change is planned, with the Guangzhou Industrial Investment Holding Group set to become the new controlling shareholder, acquiring approximately 27% of the company's shares [3] Group 1 - The company will supply powertrains, body parts, subframes, and battery boxes to the North American client, enhancing its market share and competitive advantage [1] - The production for the new project will take place in the company's facilities in China and Mexico, indicating a focus on localizing supply chains [1] - The total sales amount mentioned is an estimated figure, and actual procurement quantities will be determined by future orders [1] Group 2 - The Mexican production base is set to begin operations in June 2025, covering the entire production chain from raw material procurement to finished product manufacturing [2] - The company is also expanding into the energy storage and robotics sectors, with significant revenue growth in its energy storage business, achieving approximately 300 million yuan in revenue in the first half of 2025 [2] - The Thai production base is expected to start operations in the second half of 2026, focusing on serving the Southeast Asian electric vehicle and high-end manufacturing industries [2] Group 3 - The planned control change involves the current controlling shareholder transferring 5% of shares to the Guangzhou Industrial Investment Holding Group, which will lead to a shift in the company's actual controller to the Guangzhou municipal government [3] - This change in control may impact the company's strategic direction and operational management moving forward [3]