XUSHENG(603305) 信达证券·2025-04-26 10:23Investment 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 decrease of 8.79% year-on-year, and a net profit attributable to shareholders 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 decline of 8.12% year-on-year, with 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 shareholders for 2025-2027 is 501 million, 648 million, and 833 million yuan respectively, representing year-on-year growth of 20%, 29%, and 29% [4] Financial Summary - Total revenue is projected to increase from 4.409 billion yuan in 2024 to 7.693 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [3] - The net profit attributable to shareholders is expected to rise from 416 million yuan in 2024 to 833 million yuan in 2027, reflecting a significant recovery [3] - The company’s gross margin is expected to stabilize around 21.7% by 2027, showing a gradual improvement from 20.3% in 2024 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 29.22 in 2024 to 14.43 in 2027, indicating a more attractive valuation over time [3]