XCC(SH:603667) Shanxi Securities·2024-09-13 22:37Investment Rating - The report assigns an "Add-A" investment rating to the company, indicating a positive outlook for its stock performance [2][6]. Core Views - The company's traditional business remains stable, with significant growth potential in its automotive and humanoid robot screw rod businesses [2][6]. - The company has shown resilience in its core bearing and ring business, with expectations for steady growth despite challenges in the wind power sector [6]. - The report highlights the company's strategic investments in R&D and production capabilities, particularly in the fields of new energy vehicles and robotics [6]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.752 billion yuan, a year-on-year increase of 1.01%, while net profit attributable to shareholders decreased by 9.64% to 75.055 million yuan [3]. - The second quarter of 2024 saw a significant improvement, with operating revenue reaching 979 million yuan, a year-on-year increase of 5.92% and a quarter-on-quarter increase of 26.70% [3]. - The company's gross profit margin for the first half of 2024 was 16.57%, an increase of 1.21 percentage points year-on-year, while the net profit margin was 4.49%, a decrease of 0.49 percentage points [4]. Business Segments - The automotive parts segment reported revenue of 196 million yuan, a year-on-year increase of 14.20%, contributing 11.2% to total revenue [4]. - The company has made significant advancements in the development of new products for the new energy vehicle sector, including core components for electric motor brakes [4]. - The humanoid robot sector has seen the introduction of new products such as micro screw rods and planetary roller screws, with initial sales already occurring [4]. Market Expansion - The company is actively pursuing global market expansion, including a strategic investment in a leading domestic wind power bearing company to enhance its market presence [5]. - The acquisition of WJB Holdings in North America aims to integrate sales channels for hub bearings, potentially increasing sales in the automotive aftermarket [5]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 143 million yuan, 184 million yuan, and 243 million yuan, respectively, representing year-on-year growth rates of 3.4%, 28.6%, and 32.3% [6]. - Earnings per share (EPS) are projected to be 0.39 yuan, 0.50 yuan, and 0.66 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 32.1, 24.9, and 18.9 [6].