Xingyu Co.,Ltd(SH:601799) Huachuang Securities·2025-10-17 08:22Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 181.8 to 218.1 CNY, indicating an expected upside of 37% to 64% from the current price of 132.62 CNY [2][7]. Core Insights - The company has entered a strategic partnership with Jieka Co., a leader in collaborative robotics, to explore opportunities in the field of embodied intelligent robots. This collaboration aims to innovate in three key areas: integrated smart terminals for interaction, innovation in intelligent manufacturing, and the localization of core components in the robotics supply chain [2][7]. - The company is positioned as a significant player in the high-end intelligent automotive lighting market, with its projection headlights already being used in popular models such as the Wuling M9 and Zeekr 9X. The report anticipates further growth in market share as production ramps up [7]. - The financial forecasts indicate robust growth, with total revenue expected to reach 16.0 billion CNY in 2025, growing at a year-on-year rate of 20.8%. Net profit is projected to be 1.7 billion CNY, also reflecting a growth rate of 20.8% [3][8]. Financial Summary - Total revenue projections for the company are as follows: - 2024: 13.25 billion CNY - 2025: 16.02 billion CNY - 2026: 18.91 billion CNY - 2027: 22.19 billion CNY - Net profit forecasts are: - 2024: 1.41 billion CNY - 2025: 1.70 billion CNY - 2026: 2.08 billion CNY - 2027: 2.60 billion CNY - Earnings per share (EPS) is expected to grow from 4.93 CNY in 2024 to 9.10 CNY by 2027 [3][8]. Market Position and Growth Potential - The company has established a solid foundation for growth in the intelligent automotive lighting sector, with expectations of increased average selling prices (ASP) and market share expansion, particularly in overseas markets such as Serbia, Mexico, and the United States [7]. - The partnership with Jieka Co. is expected to enhance the company's capabilities in integrating AI with automotive and robotics industries, potentially leading to innovative applications and improved operational efficiencies [7].