Lucky Harvest(SZ:002965) Dongguan Securities·2025-10-30 11:30Investment Rating - The report gives a "Buy" rating for the company, indicating a strong expectation for stock performance exceeding the market index by more than 15% in the next six months [1]. Core Insights - The company, Xiangxin Technology, is deeply engaged in the precision stamping molds and metal structural components sector, with a focus on new energy vehicles and emerging industries, which are expected to drive growth [5][21]. - The company has established a strong market presence in the automotive mold and metal structural component industry, with over 50% of its revenue coming from automotive-related products [5][30]. - The report highlights the company's strategic expansion into new fields such as low-altitude economy and robotics, which are anticipated to create new growth curves and expand future development space [5][21][49]. Summary by Sections 1. Deepening in Molds and Metal Structural Components - Xiangxin Technology was founded in 2004 and has developed advanced manufacturing technologies for precision stamping molds and metal components, serving various sectors including automotive and energy storage [13]. - The company has a significant revenue contribution from its automotive molds and metal components, with new energy vehicle revenue reaching 1.937 billion yuan in the first half of 2025, a year-on-year increase of 2.78% [5][30]. - The company is accelerating its layout in emerging fields such as liquid cooling and robotics, which are expected to enhance its growth trajectory [21][24]. 2. Resonance of Traditional and Emerging Businesses - The new energy vehicle industry has shown a compound annual growth rate of 76.92% from 2000 to 2004, indicating sustained high demand [5]. - The company has established production bases in multiple regions, including Mexico and Thailand, to meet domestic and international market demands [5][48]. - The low-altitude economy is projected to grow significantly, with the market size expected to reach approximately 670.25 billion yuan in 2024, growing by 32.47% year-on-year [54]. 3. Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 1.38 yuan, 1.85 yuan, and 2.37 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 29x, 22x, and 17x [5][67]. - The report emphasizes the company's strong competitive position in the new energy vehicle sector, supported by deep collaborations with major clients [65].