HXG(603112) 山西证券·2025-04-24 08:23Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company has achieved a 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 [4][5] - The company is expanding into the robotics sector, having established two wholly-owned subsidiaries focused on this area, indicating a strategic shift and growth potential [7][9] Financial Performance - The company’s core business growth significantly outpaced industry averages, with a record-breaking performance since its establishment [5] - The sales volume of machined parts exceeded 350 million units, and the sales volume of core products surpassed 450,000 tons [5] - The precision parts segment generated revenue of 2.872 billion yuan, a year-on-year increase of 23.28%, driven by higher sales of compressor and automotive parts [5] - The gross margin decreased by 2.22 percentage points to 21.72%, while the net margin increased by 0.64 percentage points to 11.80% [6] Strategic Developments - The company has formed a strategic partnership with Huayu Automotive, which is expected to accelerate the growth of its automotive parts business [6] - The company is leveraging its scale advantages to reduce costs and enhance efficiency, aiming for steady market share expansion [6][9] Future Outlook - The company is expected to see continued growth, with projected net profits of 573 million yuan, 723 million yuan, and 887 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.8%, 26.2%, and 22.6% [9][11] - The company’s earnings per share (EPS) are forecasted to be 1.22 yuan, 1.54 yuan, and 1.88 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 12.8, 10.2, and 8.3 [9][11]