XUSHENG(603305) 国盛证券·2025-02-05 02:47Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is advancing its Thailand project and strategically positioning itself in the aluminum-magnesium alloy business, with a total investment cap of up to 75 million for the Thailand manufacturing investment [1] - The company possesses capabilities in three core lightweight manufacturing processes: die casting, forging, and extrusion, which positions it well for growth in the energy storage sector and global markets [2] - The company has a strong order backlog from major clients such as Tesla, Li Auto, NIO, and XPeng, with expectations of benefiting from the recovery in sales volumes [2] Financial Summary - Revenue is projected to decline slightly in 2024 to 4.695 billion yuan, followed by growth to 5.681 billion yuan in 2025 and 6.761 billion yuan in 2026, reflecting a growth rate of -2.9%, 21.0%, and 19.0% respectively [4] - The net profit attributable to the parent company is expected to decrease significantly in 2024 to 452 million yuan, with a recovery to 568 million yuan in 2025 and 680 million yuan in 2026, showing a year-on-year growth rate of -36.7%, 25.6%, and 19.7% respectively [4] - The company's P/E ratios are projected to be 33, 26, and 22 for the years 2024, 2025, and 2026 respectively, indicating a potential undervaluation compared to historical performance [4]