XCC(SH:603667) KAIYUAN SECURITIES·2024-08-29 13:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.752 billion yuan in H1 2024, a year-on-year increase of 1.01%, while the net profit attributable to shareholders was 75 million yuan, a decrease of 9.64% [1] - The automotive parts segment showed strong performance with a revenue of 196 million yuan, up 14.20%, driven by increased demand from existing customers and the development of new clients [1] - The company has slightly lowered its profit forecast due to underperformance in the wind power sector, expecting net profits of 187 million yuan, 237 million yuan, and 293 million yuan for 2024-2026 [1] Revenue and Profitability - The company's revenue for 2024 is projected to be 3.585 billion yuan, with a year-on-year growth of 15.4% [4] - The gross profit margin for H1 2024 was 16.57%, an increase of 1.21 percentage points year-on-year [2] - The company has signed material price linkage agreements with approximately 70% of its customers, mitigating the impact of raw material price fluctuations on gross margins [2] Product Development - The company is actively developing screw products, focusing on their application in emerging industries, and has completed rapid iterations of screw products [3] - The company has achieved small-batch product sales in H1 2024, indicating progress in product development and market expansion [3] Financial Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.51 yuan, 0.65 yuan, and 0.80 yuan respectively [1] - The current price-to-earnings (P/E) ratios are 25.9, 20.4, and 16.5 for the years 2024, 2025, and 2026 respectively [1] - The company’s total market capitalization is 4.836 billion yuan, with a circulating market value of 4.834 billion yuan [5]