XUSHENG(603305) 国投证券·2025-04-26 13:38Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 14.4 CNY per share [5][7]. Core Views - The company is experiencing a phase of performance pressure in 2024, with a projected revenue of 4.409 billion CNY, down 8.79% year-on-year, and a net profit of 416 million CNY, down 41.71% year-on-year [1][5]. - The decline in revenue is primarily attributed to fluctuations in Tesla's production, which is expected to decrease by 4% in 2024 [2][5]. - The company is actively expanding into new business areas, including humanoid robots, energy storage, and low-altitude economy, with significant projects entering mass production [4]. Revenue Summary - In 2024, the company's revenue is expected to be 44.09 billion CNY, a decrease of 8.79% year-on-year, with the top five customers accounting for 60% of total revenue [2][5]. - The overseas revenue share is 43%, showing a slight increase of 0.67 percentage points year-on-year [2]. Profit Summary - The company's net profit for 2024 is projected at 4.16 billion CNY, down 41.71% year-on-year, with a significant impact from the impairment of aluminum bottle business [3][5]. - The profit margin is under pressure due to increased costs and accounting policy changes, with a gross margin of 17.55% in Q4 2024, down 3.31 percentage points year-on-year [3]. Business Expansion Summary - The company is diversifying its business into humanoid robots, energy storage, and low-altitude economy, with several projects entering mass production in 2024 [4]. - The company is establishing production bases in North America and Southeast Asia, aiming for a global footprint [4].