XUSHENG(603305) Changjiang Securities·2025-05-04 23:30Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company is experiencing short-term pressure on performance, with a projected revenue of 4.41 billion yuan in 2024, a year-on-year decrease of 8.8%, and a net profit attributable to shareholders of 420 million yuan, down 41.7% year-on-year [2][4] - The company is actively expanding into the robot sector and enhancing its capabilities in aluminum die-casting, extrusion, and forging for automotive parts, while also accelerating its magnesium alloy layout [2][10] - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [2][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.41 billion yuan, down 8.8% year-on-year, with domestic revenue at 2.45 billion yuan (down 10.0%) and overseas revenue at 1.90 billion yuan (down 7.4%) [10] - The gross profit margin for 2024 was 20.3%, a decrease of 3.2 percentage points year-on-year, with a net profit margin of 9.4%, down 5.3 percentage points year-on-year [10] - For Q1 2025, the company reported a revenue of 1.05 billion yuan, down 8.1% year-on-year, and a net profit of 100 million yuan, down 39.2% year-on-year [4][10] Business Development - The company is focusing on creating a complete lightweight product matrix and has secured approximately 1.9 billion yuan in orders from mainstream electric vehicle manufacturers in North America [10] - The energy storage business is progressing well, with revenue from related projects reaching approximately 234 million yuan in 2024, more than doubling year-on-year [10] - The company is investing in the development of key products for humanoid robots and has secured projects from several domestic and international clients [10] Future Outlook - The company is expected to achieve net profits of 500 million yuan, 610 million yuan, and 750 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24.3X, 20.2X, and 16.4X [10]