Xiantong Stock(SH:603239) KAIYUAN SECURITIES·2025-09-26 08:09Investment Rating - The investment rating for Zhejiang Xiantong is "Buy" (maintained) [2] Core Views - The company has entered a strategic partnership with Haohai Xingkong, investing 40 million yuan for a 10% stake and establishing a joint venture named "Haohai Xiantong" to develop a robot manufacturing base [5][6] - The collaboration aims to leverage the strengths of both companies, combining Xiantong's 30 years of high-end precision manufacturing experience with Haohai Xingkong's expertise in intelligent and commercial service robots [6] - The financial impact of this partnership on the company's 2025 results is expected to be minimal, with maintained earnings forecasts for 2025-2027 [5] Financial Performance and Projections - Revenue is projected to grow from 1,066 million yuan in 2023 to 2,072 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.1% [8][10] - Net profit attributable to the parent company is expected to increase from 151 million yuan in 2023 to 332 million yuan in 2027, with a notable growth rate of 38.4% in 2025 [8][10] - The company's gross margin is forecasted to improve from 28.7% in 2023 to 31.9% in 2027, indicating enhanced operational efficiency [8][11] Market Position and Competitive Advantage - Zhejiang Xiantong is recognized as a leader in the automotive sealing strip industry, with a self-manufacturing rate of tooling molds reaching 90%, showcasing strong cost control capabilities [7] - The company has a diverse customer base, including major automotive manufacturers, and is actively expanding its advanced production capacity [7] - The establishment of the joint venture is expected to enhance the company's competitive position in the robotics sector, supported by a robust supply chain in Taizhou [6][7]