XUSHENG(SH:603305) Soochow Securities·2025-08-29 13:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2025 showed significant improvement, with revenue of 1.05 billion yuan, a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29% [8] - The company's energy storage and overseas expansion are entering a harvest period, with energy storage revenue reaching approximately 300 million yuan in H1 2025, showing significant growth [8] - The company has made progress in magnesium alloy applications and is focusing on lightweight structures for humanoid robots, which may provide continuous incremental growth [8] Financial Summary - Total revenue for 2023 is projected at 4.834 billion yuan, with a year-on-year growth of 8.54% [1] - The net profit attributable to the parent company for 2025 is estimated at 499.87 million yuan, reflecting a year-on-year growth of 20.09% [1] - The earnings per share (EPS) for 2025 is projected to be 0.52 yuan, with a price-to-earnings (P/E) ratio of 27.63 [1] - The company’s net profit margin for Q2 2025 improved to 10.0%, with a sales gross margin of 22.75% [8]