Xiantong Stock(SH:603239) KAIYUAN SECURITIES·2025-04-29 06:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 reached 1.225 billion yuan, a year-on-year increase of 14.90%, with a net profit attributable to shareholders of 172 million yuan, up 13.70% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 343 million yuan, representing a year-on-year growth of 27.28%, and a net profit of 67 million yuan, up 28.38% year-on-year [4] - The company is expected to maintain steady growth, with projected net profits for 2025-2027 at 238 million yuan (-0.63), 282 million yuan (-0.88), and 332 million yuan, respectively [4][5] Financial Performance - The company reported a gross margin of 29.74% and a net margin of 14.02% for 2024, with a slight increase in gross margin and a slight decrease in net margin compared to the previous year [5] - The revenue breakdown for 2024 shows rubber sealing strips generating 985 million yuan (up 20.83%), plastic sealing strips at 199 million yuan (down 4.68%), and metal roller parts at 7 million yuan (up 13.08%) [5] - The company has maintained good cost control, with sales, management, R&D, and financial expense ratios showing slight decreases [5] Market Position and Growth Drivers - The company has doubled its new order acquisition, with over 42 new project models in development, significantly increasing its project count compared to 2023 [6] - The company is enhancing its customer base by deepening cooperation with key clients such as Geely, Chery, and Chang'an, which is expected to further increase market share [6] - The company is expanding its advanced production capacity, with investments in smart manufacturing and new production lines, creating approximately 2 billion yuan in advanced capacity [6] Financial Summary and Valuation Metrics - The projected revenue for 2025 is 1.484 billion yuan, with a year-on-year growth of 21.2%, and net profit is expected to reach 238 million yuan, reflecting a growth of 38.5% [7] - The company's earnings per share (EPS) for 2025 is projected at 0.88 yuan, with corresponding price-to-earnings (P/E) ratios of 14.9, 12.6, and 10.7 for 2025, 2026, and 2027, respectively [7][9]