Xingyu Co.,Ltd(601799) 东方证券·2025-04-29 08:21Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.99 CNY [5][2] Core Views - The company has achieved significant growth in Q1, with revenue reaching 3.095 billion CNY, a year-on-year increase of 28.3%, and net profit attributable to the parent company at 322 million CNY, up 32.7% year-on-year [9] - The company is actively expanding its customer base in the new energy vehicle sector and has opened up overseas markets, which is expected to drive future growth [9][8] - The company is a preferred partner for Huawei's smart automotive solutions, enhancing its product offerings and market position [9] Financial Forecast and Investment Suggestions - EPS is projected to be 6.13 CNY in 2025, 7.56 CNY in 2026, and 9.11 CNY in 2027, with an average PE valuation of 23 times for comparable companies in 2025 [2] - Revenue is expected to grow from 10.248 billion CNY in 2023 to 21.386 billion CNY in 2027, with a compound annual growth rate (CAGR) of 14.7% [4][10] - Operating profit is forecasted to increase from 1.199 billion CNY in 2023 to 3.064 billion CNY in 2027, reflecting a strong growth trajectory [4][10] Key Financial Information - The company's revenue for 2023 is projected at 10.248 billion CNY, with a year-on-year growth of 24.3% [4] - The gross margin is expected to improve from 20.6% in 2023 to 22.4% in 2027, indicating better cost management and pricing power [4] - The net profit margin is projected to increase from 10.8% in 2023 to 12.2% in 2027, showcasing enhanced profitability [4]