XUSHENG(603305) 东吴证券·2025-04-25 02:35Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 2024 aligns with expectations, with total revenue of 4.409 billion yuan, down 8.79% year-on-year, and a net profit attributable to shareholders of 416.26 million yuan, down 41.71% year-on-year. The fourth quarter of 2024 saw revenue of 1.135 billion yuan, a decrease of 9.86% year-on-year, but a slight increase of 0.85% quarter-on-quarter. The first quarter of 2025 reported revenue of 1.046 billion yuan, down 8.12% year-on-year and 7.76% quarter-on-quarter, with a net profit of 960 million yuan, down 39.15% year-on-year but up 2.53% quarter-on-quarter [10][11] - The company has adjusted its net profit forecasts for 2025-2026 to 554.42 million yuan and 682.98 million yuan, respectively, due to declining sales from major clients and cost-cutting demands. However, the overseas and robotics businesses are expected to enter a harvest period, justifying the "Buy" rating [3][10] Financial Summary - For 2023A, total revenue was 4.834 billion yuan, with a year-on-year growth of 8.54%. The net profit attributable to shareholders was 714.10 million yuan, with a year-on-year growth of 1.83%. The latest diluted EPS was 0.75 yuan, with a P/E ratio of 16.71 [1][11] - The financial forecasts for 2024A to 2027E show total revenues of 4.409 billion yuan, 5.350 billion yuan, 6.420 billion yuan, and 7.575 billion yuan, respectively, with corresponding net profits of 416.26 million yuan, 554.42 million yuan, 682.98 million yuan, and 802.77 million yuan. The EPS for these years is projected to be 0.44 yuan, 0.58 yuan, 0.72 yuan, and 0.84 yuan, with P/E ratios of 28.67, 21.53, 17.48, and 14.87, respectively [1][3][11] Business Development - The company is actively expanding its robotics business, focusing on key product development such as joint shells and torso structure components. It has secured projects from multiple domestic and international clients, indicating a forthcoming harvest period. Additionally, the company is establishing production bases in Mexico and Thailand to enhance its global footprint and transition into a lightweight component supplier [10][11]