Xiantong Stock(603239) 财通证券·2024-07-03 06:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first half of 2024, with estimates ranging from 88 million to 95 million yuan, representing a growth of 63.63% to 76.65% [4] - The number of orders continues to grow, driving revenue growth, and the gross profit margin is expected to improve [5] - The company is focusing on securing contracts with leading domestic clients in the new energy vehicle sector and is advancing capacity construction [6] - The forecasted net profits for 2024-2026 are 210 million, 255 million, and 309 million yuan respectively, with corresponding PE ratios of 20.23, 16.60, and 13.71 [6] Summary by Sections Financial Performance - For the first half of 2024, the company anticipates a net profit of 88 million to 95 million yuan, with a year-on-year increase of 63.63% to 76.65% [4] - The second quarter of 2024 is projected to yield a net profit of 36.05 million to 43.05 million yuan, reflecting a growth of 54% to 84% [4] Revenue and Orders - As of May 2024, the company has secured new projects that equal the total projects undertaken in 2023, with plans to undertake approximately 200% of the total projects from 2023 in 2024 [5] - The company is set to supply exclusive products for several new energy vehicle models, which are expected to enter mass production this year [5] Strategic Initiatives - The company aims to lock in contracts with top-tier domestic automakers and is accelerating the introduction of advanced production and R&D equipment [6] - A plan is in place to establish 2.5 billion yuan in advanced production capacity within three years to support future business growth [6] Profit Forecast - The projected revenues for 2024 to 2026 are 1.28 billion, 1.50 billion, and 1.77 billion yuan respectively, with net profit growth rates of 38.73%, 21.87%, and 21.10% [8]