XINGYE TECH.(SZ:002674) Great Wall Securities·2025-09-18 13:09Investment Rating - The investment rating for the company is "Buy" [4]. Core Viewpoints - The company has signed a strategic cooperation agreement with Suzhou Nengsida to jointly develop flexible electronic skin based on natural leather and bio-based materials, which will help the company explore new application areas [1][2]. - The company is primarily engaged in the research, production, and sales of natural cowhide leather, with a focus on high-end products for well-known domestic and international brands [3]. - The company has established partnerships with several domestic automotive brands, positioning itself to capitalize on the growth opportunities in the new energy vehicle sector [3]. Financial Summary - Projected revenue for 2023 is 2,700 million yuan, with a year-on-year growth rate of 35.8%, and is expected to reach 3,738 million yuan by 2027 [1]. - The net profit attributable to the parent company is projected to be 186 million yuan in 2023, with a year-on-year growth rate of 23.7%, declining to 121 million yuan in 2025, and recovering to 216 million yuan by 2027 [1]. - The company's EPS is expected to be 0.63 yuan in 2023, decreasing to 0.41 yuan in 2025, and then increasing to 0.73 yuan by 2027 [1][3]. - The P/E ratio is projected to decrease from 22.5 in 2023 to 19.4 in 2027, indicating a potential improvement in valuation over time [1][3].