Xiantong Stock(SH:603239) Shanghai Securities·2025-08-26 12:48Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 672 million yuan in the first half of 2025, representing a year-on-year increase of 21.10%, and a net profit attributable to shareholders of 107 million yuan, up 17.10% year-on-year [5][6] - The company is expanding its production capacity with plans to invest approximately 1 billion yuan, including 830 million yuan in fixed assets, to build a logistics center, production workshops, and R&D facilities [7][9] - R&D expenditure in the first half of 2025 was 26 million yuan, showing a year-on-year increase of 13.04%, focusing on various advanced technologies [8] Summary by Sections Financial Performance - In 2025 H1, the overall gross margin was 29.94%, with Q1 and Q2 margins at 32.46% and 27.31% respectively [6] - The company’s revenue and net profit projections for 2025-2027 are 218 million, 266 million, and 322 million yuan, with respective year-on-year growth rates of 27.10%, 22.06%, and 20.93% [9][11] Market Position and Strategy - The company has 42 new vehicle models under development, with the total number of new projects more than double that of 2023, indicating strong future growth potential [7] - The company aims to address production capacity bottlenecks to meet increasing market demand and enhance product structure [7] Valuation Metrics - As of August 26, 2025, the price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 19.68x, 16.13x, and 13.34x respectively [9][11]