XCC(SH:603667) GOLDEN SUN SECURITIES·2024-08-28 13:14Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a slight increase in revenue for H1 2024, with a year-on-year growth of 1.01%, achieving a total revenue of 1.752 billion yuan. The net profit attributable to shareholders decreased by 9.64% to 75 million yuan, while the net profit after deducting non-recurring items increased by 6.74% to 71 million yuan [1]. - The company is focusing on the rapidly growing fields of new energy vehicles and industrial bearings, having successfully developed a full range of bearings for new energy vehicles and expanded production capacity to meet market demand [1]. - The report highlights the successful development of a full series of robot bearings, which includes various types such as flexible thin-walled bearings and high-precision tapered roller bearings, catering to the growing robotics industry [1]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 3.379 billion yuan, 4.204 billion yuan, and 4.847 billion yuan, respectively. The net profits for the same years are expected to be 165 million yuan, 205 million yuan, and 248 million yuan, respectively [2][3]. - The current market value corresponds to a price-to-earnings (P/E) ratio of 27.9, 22.4, and 18.5 for the years 2024, 2025, and 2026, respectively [2][3]. - The company has shown a stable demand for finished bearings, with sales revenue from finished bearings and rings remaining flat at 934 million yuan, while automotive parts revenue increased by 14.20% to 196 million yuan [1]. Business Development - The company has made significant progress in its screw rod product line, achieving small batch sales and optimizing the technical routes of its main products [1]. - The report emphasizes the potential for rapid growth in the robotics-related industry chain, which is expected to provide sustainable development opportunities for the company [1].