Xiantong Stock(SH:603239) Xinda Securities·2025-04-19 13:08Investment Rating - The investment rating for Zhejiang Xiantong (603239) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections [2]. Core Viewpoints - The company reported a revenue of 1.23 billion yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 172 million yuan, up 13.7% year-on-year. In Q1 2025, revenue reached 340 million yuan, a 27.3% increase year-on-year, with a net profit of 67 million yuan, growing 28.4% year-on-year [2]. - The company is experiencing steady growth due to the continuous release of industry dividends from its core business, with 42 new vehicle models under development and a doubling of new project numbers compared to 2023 [2]. - The company has established itself as a leading domestic automotive sealing strip manufacturer, with a strong customer base including major automotive brands. It is actively expanding its production capacity and enhancing its manufacturing capabilities [2][3]. - A planned investment of approximately 1 billion yuan for land acquisition and the establishment of an intelligent manufacturing and R&D center is expected to significantly increase production capacity [2]. Financial Summary - The total revenue for 2023 was 1.066 billion yuan, with projections of 1.225 billion yuan for 2024, 1.473 billion yuan for 2025, and further growth to 2.2 billion yuan by 2027, reflecting a compound annual growth rate of approximately 22.1% [4]. - The net profit attributable to shareholders is projected to grow from 151 million yuan in 2023 to 345 million yuan by 2027, with corresponding EPS increasing from 0.56 yuan to 1.27 yuan [4]. - The gross margin is expected to improve gradually from 28.7% in 2023 to 30.5% in 2027, indicating enhanced profitability [4].