XUSHENG(SH:603305) Guohai Securities·2025-05-04 15:17Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company is driven by both its main business and emerging sectors, with steady progress in overseas expansion [1]. - In Q1 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year decrease of 8.12% and a quarter-on-quarter decrease of 7.76%, primarily due to a decline in sales from its core customer, Tesla [5]. - The company has initiated production in emerging fields such as energy storage and humanoid robots, with energy storage projects expected to generate approximately 234 million yuan in revenue for the year, representing over a 200% increase year-on-year [5]. - The establishment of a production base in Mexico is underway, expected to commence operations in 2025, aimed at serving the North American and European markets [5][6]. Financial Performance Summary - For the year 2024, the company reported a revenue of 4.41 billion yuan, a year-on-year decrease of 8.79%, and a net profit attributable to shareholders of 420 million yuan, down 41.71% [4]. - The company forecasts revenues of 5.22 billion yuan in 2025, with a growth rate of 18%, and a net profit of 517 million yuan, reflecting a growth rate of 24% [7][8]. - The earnings per share (EPS) is projected to be 0.54 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.75 [8][9].