XCC(SH:603667) Shanxi Securities·2024-09-26 10:00Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][3]. Core Views - The company is expected to achieve net profits of 143 million, 184 million, and 243 million yuan for the years 2024, 2025, and 2026, representing year-on-year growth rates of 3.4%, 28.6%, and 32.3% respectively. The 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 (PE) ratios of 34.4, 26.7, and 20.2 based on the closing price on September 25 [1]. Company Performance - The company's market performance over the past year shows a closing price of 13.40 yuan as of September 25, 2024, with a yearly high of 24.85 yuan and a low of 10.53 yuan. The circulating A-shares total 366 million, with a market capitalization of 49.09 billion yuan [1]. - The basic earnings per share (EPS) is reported at 0.20 yuan, with a diluted EPS also at 0.20 yuan. The net asset return rate (ROE) stands at 2.63% [1]. Financial Projections - Revenue projections for the company are as follows: 3.26 billion yuan in 2024, 3.62 billion yuan in 2025, and 4.17 billion yuan in 2026, with year-on-year growth rates of 5.0%, 10.8%, and 15.4% respectively [5][7]. - The gross profit margin is expected to be 17.7% in 2024, increasing to 19.0% in 2025 and 19.8% in 2026 [7]. Project Developments - The company announced a change in part of its fundraising investment projects, reallocating 140 million yuan to a new project focused on the research and industrialization of core components for line-controlled execution systems, with a total investment of approximately 160 million yuan [3][4]. - The new project aims to enhance the production capacity of lead screws, with an expected annual net profit of 55.014 million yuan upon reaching full production [4].