Xiangyang Changyuandonggu Industry (SH:603950) ZHESHANG SECURITIES·2025-09-23 23:30Market Overview - The Shanghai Composite Index decreased by 0.2%, while the CSI 300 fell by 0.1%. The STAR Market 50 also dropped by 0.1%, and the CSI 1000 saw a decline of 1.1%. Conversely, the ChiNext Index increased by 0.2%, and the Hang Seng Index decreased by 0.7% [4][3]. - The best-performing sectors included banking (+1.5%), coal (+1.1%), electric equipment (+0.4%), public utilities (+0.4%), and home appliances (+0.1%). The worst-performing sectors were social services (-3.1%), retail (-2.9%), computers (-2.4%), comprehensive (-2.1%), and steel (-2.0%) [4][3]. - The total trading volume in the Shanghai and Shenzhen markets was 24,944 billion yuan, with a net outflow of 4.07 billion Hong Kong dollars from southbound funds [4][3]. Key Recommendations - The report focuses on Changyuan Donggu (603950), highlighting its main business driven by hybridization and its significant expansion into robotics as a new growth point [2]. - The recommendation logic emphasizes that embodied intelligence is driving industry transformation, with the company strategically positioning itself in key robotic components [5]. - The company’s progress in supplying BYD and Seres with hybrid vehicle cylinder blocks and cylinder heads has been stable, with rapid sales growth in these products [5]. - The company is advancing the development of high-performance core modules such as dexterous hands and robotic arms [5]. - Revenue projections for 2025-2027 are estimated at 2,567.68 million yuan, 3,224.17 million yuan, and 3,901.31 million yuan, with growth rates of 33.76%, 25.57%, and 21.00% respectively. Net profit is projected to be 395.75 million yuan, 531.44 million yuan, and 676.48 million yuan, with growth rates of 71.79%, 34.29%, and 27.29% respectively [5]. - The company has become a strategic supplier for Yuchai, providing cylinder blocks and cylinder heads suitable for large-bore diesel engines [5].