HXG(603112) 申万宏源证券·2025-04-20 10:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its automotive and white goods components business, and is actively exploring opportunities in the robotics sector [6] - The company achieved a total revenue of 3.828 billion yuan in 2024, representing a year-on-year growth of 17.28%, and a net profit attributable to shareholders of 471 million yuan, up 20.95% year-on-year [6] - The company plans to establish an industrial fund to invest in related fields and strategic emerging sectors, enhancing its dual-engine growth model of "real economy + capital" [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 3.264 billion yuan in 2023, 3.828 billion yuan in 2024, 5.195 billion yuan in 2025, 6.040 billion yuan in 2026, and 6.712 billion yuan in 2027 [5][8] - The net profit attributable to shareholders is expected to reach 603 million yuan in 2025, 708 million yuan in 2026, and 812 million yuan in 2027, with year-on-year growth rates of 28%, 17%, and 15% respectively [6] - The company maintained a sales gross margin of 21.72% in 2024, with a net profit margin of 11.80%, marking the highest level since 2021 [6]