XUSHENG(603305) 信达证券·2025-04-26 09:03Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 4.409 billion yuan in 2024, a year-on-year decrease of 8.79%, and a net profit attributable to the parent company of 416 million yuan, down 41.71% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.046 billion yuan, a decrease of 8.12% year-on-year, and a net profit of 96 million yuan, down 39.15% year-on-year [1] - The company is focusing on lightweight technology and has made significant investments in the robotics sector, which is expected to open new growth opportunities [4] - The company’s gross margin improved to 20.80% in Q1 2025, with a net profit margin of 9.14%, indicating enhanced profitability [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 501 million yuan, 648 million yuan, and 833 million yuan, representing year-on-year growth of 21%, 29%, and 29% respectively [4] - The company maintains a market valuation corresponding to a PE ratio of 24 and 19 times for 2025 and 2026 respectively, supporting the "Buy" rating [4] Financial Summary - Total revenue for 2023 was 4.834 billion yuan, with a year-on-year growth of 8.5%, while the forecast for 2024 is 4.409 billion yuan, reflecting a decline of 8.8% [3] - The net profit attributable to the parent company for 2023 was 714 million yuan, with a slight increase of 1.8%, while the forecast for 2024 is 416 million yuan, a decrease of 41.7% [3] - The gross margin for 2023 was 23.8%, expected to decrease to 20.3% in 2024, and forecasted to recover to 20.5% in 2025 [3] - The company's return on equity (ROE) was 11.4% in 2023, projected to decline to 6.3% in 2024, and gradually improve to 9.4% by 2027 [3] - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to drop to 0.45 yuan in 2024, and forecasted to rise to 0.87 yuan by 2027 [3]