Xiantong Stock(SH:603239) Guoyuan Securities·2024-07-03 00:30Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 88 million to 95 million yuan for the first half of 2024, representing a year-on-year increase of 63.63% to 76.65% [2] - The growth in performance is primarily driven by increased revenue and improved product yield [2] - The company has a significant advantage in the frameless sealing strip market, being the first domestic enterprise to provide such products, which are expected to enhance revenue and profit margins [2][8] Financial Performance and Forecast - The company forecasts revenues of 1.34253 billion yuan, 1.6776 billion yuan, and 1.98986 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 218.18 million yuan, 290.72 million yuan, and 365.51 million yuan [9] - The projected earnings per share (EPS) are 0.81 yuan, 1.07 yuan, and 1.35 yuan for the years 2024, 2025, and 2026 respectively [9] - The price-to-earnings (P/E) ratios are expected to be 19.43, 14.58, and 11.60 for the same years [9] Market Position and Product Development - The company is experiencing a surge in orders due to the growth of the new energy vehicle industry, with planned new projects expected to double the total number of projects from 2023 [2] - The company has successfully started mass production of frameless sealing strips for several high-end vehicle models, which are anticipated to contribute significantly to revenue growth [2][8]