Xiantong Stock(SH:603239) Shanghai Securities·2025-09-30 07:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has signed an investment agreement with Shanghai Haohai Xingkong Robot Co., Ltd. to establish a joint venture focused on building a robot manufacturing base, which will enhance its production capabilities and support future growth [5][6] - The company has a strong order backlog with 42 new projects under development, which is more than double the number of projects from 2023, indicating robust future growth potential [6] - The company's revenue for the first half of 2025 increased by 21.10% year-on-year, with a net profit growth of 17.10%, and a gross margin of 29.94%, significantly higher than the automotive parts sector average of 18.56% [6] Financial Projections - The projected net profits for the company from 2025 to 2027 are expected to be 2.18 billion, 2.66 billion, and 3.22 billion respectively, with year-on-year growth rates of 27.10%, 22.06%, and 20.93% [8] - The estimated price-to-earnings (PE) ratios for the same period are 26.11x, 21.39x, and 17.69x, indicating a favorable valuation trend [8] - Revenue forecasts for 2025, 2026, and 2027 are 1.49 billion, 1.78 billion, and 2.10 billion respectively, with annual growth rates of 21.6%, 19.7%, and 17.8% [10]