Hexing(SH:603556) Guolian Securities·2025-05-20 07:25Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 784 million yuan in Q1 2025, a year-on-year decrease of 12.99% and a quarter-on-quarter decrease of 40.00%. The net profit attributable to the parent company was 141 million yuan, down 34.07% year-on-year and 33.06% quarter-on-quarter, indicating continued pressure on performance [5][13] - The accounts receivable for Q1 2025 stood at 1.229 billion yuan, an increase of 19.41% year-on-year. The company is focusing on deepening its overseas market presence, which is expected to accelerate cash collection and contribute to revenue growth [5][14] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 784 million yuan, down 12.99% year-on-year and 40.00% quarter-on-quarter. The net profit attributable to the parent company was 141 million yuan, reflecting a year-on-year decline of 34.07% and a quarter-on-quarter decline of 33.06% [5][13] Business Strategy - The company is accelerating the establishment of localized operations overseas, with new production bases in Europe, Latin America, and Africa. It has established 9 overseas production bases and 25 branches, covering over 110 countries and regions, which helps mitigate risks from local policies and market competition [14] - The company is increasing its R&D investment, with R&D expenses in Q1 2025 amounting to 74 million yuan, a year-on-year increase of 18.30%. It is enhancing its AMI technology and has launched various system solutions in smart grids and renewable energy sectors [15] Revenue and Profit Forecast - The company expects revenues for 2025, 2026, and 2027 to be 5.861 billion yuan, 7.005 billion yuan, and 7.696 billion yuan, respectively, with year-on-year growth rates of 24.24%, 19.52%, and 9.87%. The net profit attributable to the parent company is projected to be 1.103 billion yuan, 1.472 billion yuan, and 1.655 billion yuan for the same years, with growth rates of 10.04%, 33.52%, and 12.43% [16][17]