SHINRY(300745) 国盛证券·2024-12-11 12:23Investment Rating - The report maintains a "Buy" rating for Xintec Technology (300745 SZ) [4] Core Views - Xintec Technology has repurchased 2 61 million shares (1 56% of total shares) at a price range of 15 96-20 61 yuan/share with a total amount of 50 million yuan as of November 30 2024 [2] - The company plans to use 50-100 million yuan for share repurchases with a maximum price of 35 11 yuan/share to be used for equity incentives or employee stock ownership plans [2] - Xintec Technology's revenue for the first three quarters of 2024 reached 1 31 billion yuan a 19% year-on-year increase while net profit attributable to the parent company was -70 million yuan [3] - The company's major clients including BYD Geely Zeekr XPeng and Li Auto have shown rapid sales growth in November 2024 with year-on-year increases of 68% 24% 106% 54% and 19% respectively [3] - Xintec Technology is a pioneer in applying third-generation semiconductor technology in the new energy vehicle industry and has mass-produced silicon carbide-based SCM super fast charging modules [3] - The company's net profit forecasts for 2024-2026 have been revised to -67 million 80 million and 177 million yuan respectively with PE ratios of 39x and 18x for 2025 and 2026 [3] Financial Performance - Revenue for 2024E is projected at 1 857 billion yuan a 31% year-on-year increase while 2025E and 2026E revenues are expected to reach 2 544 billion and 3 536 billion yuan respectively [8] - Net profit attributable to the parent company is forecasted to be -67 million yuan in 2024E 80 million yuan in 2025E and 177 million yuan in 2026E [8] - EPS for 2024E 2025E and 2026E are projected at -0 40 yuan 0 48 yuan and 1 06 yuan respectively [8] - ROE is expected to improve from -2 8% in 2024E to 3 2% in 2025E and 6 6% in 2026E [8] Industry and Market Position - Xintec Technology operates in the automotive industry with a focus on new energy vehicles and fast charging solutions [4] - The company is well-positioned to benefit from the increasing penetration of 800V fast charging technology in the new energy vehicle market [3]