Xingyu Co.,Ltd(SH:601799) Huachuang Securities·2025-10-30 11:51Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company reported a net profit of 435 million yuan for Q3 2025, reflecting a year-on-year increase of 13% and a quarter-on-quarter increase of 13%. The non-recurring net profit was 427 million yuan, with a year-on-year growth of 15% and a quarter-on-quarter growth of 14% [2][8]. - The company is expected to see significant revenue growth driven by its main business and breakthroughs in new fields, particularly in the intelligent lighting sector and the exploration of robotics [2][8]. Financial Performance Summary - Total revenue for 2025 is projected to be 15,464 million yuan, with a year-on-year growth rate of 16.7%. By 2027, revenue is expected to reach 22,158 million yuan, reflecting a growth rate of 19.4% [4][9]. - The net profit attributable to the parent company is forecasted to be 1,655 million yuan in 2025, with a year-on-year growth of 17.6%, and is expected to reach 2,457 million yuan by 2027, with a growth rate of 20.1% [4][9]. - The earnings per share (EPS) is projected to increase from 4.93 yuan in 2024 to 8.60 yuan in 2027 [4][9]. Market Position and Strategy - The company is enhancing its product structure, with the sales proportion of front and rear combination lights expected to rise from 13% and 24% in 2023 to 15% and 29% in 2024, respectively. The average selling price (ASP) of lighting products is anticipated to increase from 162 yuan in 2023 to 203 yuan in 2024 [8]. - The company is also expanding its presence in overseas markets, with revenue from its Serbian operations projected to reach 320 million yuan in 2024, a year-on-year increase of 186% [8]. - The establishment of a subsidiary focused on intelligent robotics and a strategic partnership with a leading robotics company are expected to create a second growth curve for the company [8].