XCC(SH:603667) Shanxi Securities·2025-11-18 02:25Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][11] Core Views - The company has shown stable performance with a year-on-year revenue growth of 7.60% for the first three quarters of 2025, reaching 2.661 billion yuan, and a net profit of 98.48 million yuan, reflecting a growth of 0.25% [5][7] - The company is actively upgrading its high-end bearing and screw products, which is expected to drive future growth [4][11] Financial Performance - For Q3 2025, the company achieved a revenue of 767 million yuan, with a year-on-year increase of 6.33% and a quarter-on-quarter decrease of 23.73%. The net profit for the same period was 23.19 million yuan, showing a year-on-year increase of 0.07% but a quarter-on-quarter decrease of 38.06% [7] - The gross margin for Q3 was 19.71%, up by 0.98 percentage points year-on-year, while the net margin improved by 0.26 percentage points year-on-year [7] Product Development and Market Expansion - The company is expanding its presence in the new energy vehicle bearing market, with a monthly production of over 2 million sets of ball ring needle bearings, catering to both domestic and international markets [8] - The screw business is also making significant strides, transitioning from sample production to small batch orders, particularly in the robotics and automotive sectors [9] Future Projections - Revenue projections for 2025-2027 are estimated at 3.616 billion, 4.173 billion, and 4.872 billion yuan, with year-on-year growth rates of 10.8%, 15.4%, and 16.7% respectively. Net profit is expected to reach 137 million, 199 million, and 274 million yuan during the same period, with growth rates of 49.7%, 45.7%, and 37.3% respectively [11][12]