JXPCB(SH:688655) Xinda Securities·2025-09-09 13:32Investment Rating - The report assigns a "Buy" rating for Xunjiexing (688655) based on its strong growth potential in high-growth sectors such as humanoid robots and AI infrastructure [1]. Core Views - Xunjiexing achieved a significant revenue increase of 27.66% year-on-year in H1 2025, with total revenue reaching 292 million yuan. The company reported a net profit of -2.77 million yuan, primarily due to initial losses from new capacity at its Zhuhai factory [1]. - The company's early-stage layout in humanoid robotics aligns well with the current development phase of the industry, providing a one-stop PCB service that supports early-stage smart robotics companies in scaling their operations [1]. - Orders for optical modules are expected to increase, driven by high growth in AI-related sectors. The company has successfully supplied 400G optical modules and power supply equipment for computing servers, with significant capacity expansion planned [1]. - Profit forecasts indicate that the company's net profit is expected to grow significantly from 32 million yuan in 2025 to 334 million yuan by 2027, reflecting a strong growth trajectory [1]. Financial Summary - In H1 2025, the company reported a revenue of 292 million yuan, with a year-on-year growth of 27.66%. The gross margin was 18.57%, a slight decrease of 0.96 percentage points compared to the previous year [1]. - The projected total revenue for 2025 is 794 million yuan, with a year-on-year growth rate of 67.3%. By 2027, the revenue is expected to reach 2.83 billion yuan, reflecting a growth rate of 48.8% [2]. - The net profit for 2025 is estimated at 32 million yuan, with a remarkable growth rate of 1723.3% compared to 2024. By 2027, the net profit is projected to reach 334 million yuan [2]. - The company's gross margin is expected to improve from 19.5% in 2025 to 25.6% in 2027, indicating enhanced operational efficiency [2].