Xingyu Co.,Ltd(SH:601799) Guotou Securities·2025-03-20 03:32Investment Rating - The report maintains a "Buy-A" rating for the company [5][6] Core Views - The company achieved excellent performance in its 2024 annual report, with revenue of 13.253 billion yuan, a year-on-year increase of 29.32%, and a net profit attributable to shareholders of 1.408 billion yuan, up 27.78% year-on-year [1][2] - Future growth is driven by three main factors: customer autonomy, product high-endization, and business globalization [4] Revenue and Profitability - In 2024, the company maintained high revenue growth, achieving 13.253 billion yuan, with significant contributions from core customers such as Chery and Wanjie, which sold 2.4689 million and 389,800 units respectively, representing year-on-year increases of 38.62% and 264.65% [2] - The average selling price (ASP) of the company's headlights in 2024 was 203.13 yuan, a year-on-year increase of 25.31% [2] - The company's gross profit margin before accounting adjustments was 20.31%, a decrease of 0.87 percentage points year-on-year, primarily due to changes in customer structure [2] Cash Flow and Financial Health - The net cash flow from operating activities in 2024 was 909 million yuan, a year-on-year increase of 30.42%, mainly due to increased cash received from sales [3] - As of the end of 2024, accounts receivable and notes receivable were 1.592 billion yuan and 4.517 billion yuan, respectively, an increase of 260 million yuan and 1.451 billion yuan compared to the end of 2023 [3] Quarterly Performance - In Q4 2024, the company achieved revenue of 4.027 billion yuan, a year-on-year increase of 33.73% and a quarter-on-quarter increase of 14.78% [3] - The adjusted gross profit margin for Q4 2024 was 20.96%, an increase of 0.51 percentage points year-on-year and 1.02 percentage points quarter-on-quarter [3] Future Growth Drivers - The company is expanding its customer base by deepening cooperation with traditional automakers and successfully entering partnerships with new energy vehicle manufacturers [4] - The company has established three wholly-owned overseas subsidiaries and is expanding its global market presence, including new customers like Toyota in Japan [4] Valuation and Price Target - The report projects net profits for 2025, 2026, and 2027 to be 1.85 billion yuan, 2.29 billion yuan, and 2.79 billion yuan, respectively, with corresponding PE ratios of 19.1, 15.5, and 12.7 times [5][11] - A target price of 162 yuan per share is set for the next six months, based on a 25 times PE ratio [5][6]