XUSHENG(603305) 东吴证券·2025-04-25 03:23Investment 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 customers 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][3] - The financial forecasts for 2024A to 2027E show a projected total revenue of 4.409 billion yuan in 2024, with a decline of 8.79%, and an expected recovery in subsequent years, reaching 7.575 billion yuan by 2027. The net profit is expected to recover from 416.26 million yuan in 2024 to 802.77 million yuan in 2027, with corresponding EPS increasing from 0.44 yuan to 0.84 yuan [1][3][11]