XUSHENG(SH:603305) CAITONG SECURITIES·2025-08-28 12:45Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company has experienced rapid expansion in its energy storage and robotics businesses, achieving significant global breakthroughs [8] - The company reported a revenue of 2.096 billion yuan in the first half of 2025, a year-on-year decline of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [8] - The company is focusing on lightweight, high-strength, and excellent heat dissipation performance in its energy storage products, which has garnered market attention [8] - The company has established deep cooperation with several leading robotics companies, securing multiple customer projects [8] - The company has made significant progress in its global strategy, with its Mexico base officially starting operations in June 2025 and its Thailand base breaking ground in July 2025 [8] - The company expects net profits attributable to shareholders to be 522 million yuan, 628 million yuan, and 760 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26.4, 22.0, and 18.2 [8] Financial Performance Summary - The company's revenue for 2023 is projected at 4.834 billion yuan, with a growth rate of 8.5%, followed by a decline of 8.8% in 2024, and a recovery with growth rates of 17.7%, 18.5%, and 19.4% in the following years [7] - The net profit for 2023 is expected to be 714 million yuan, with a significant drop of 41.7% in 2024, followed by a recovery with growth rates of 25.4%, 20.4%, and 20.9% in the subsequent years [7] - The company's EPS is projected to be 0.77 yuan in 2023, decreasing to 0.45 yuan in 2024, and then increasing to 0.55 yuan, 0.66 yuan, and 0.80 yuan in the following years [7] - The company's ROE is expected to decline from 11.4% in 2023 to 6.3% in 2024, before gradually recovering to 11.1% by 2027 [7]