XCC(SH:603667) GUOTAI HAITONG SECURITIES·2026-02-26 13:34Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 84.61 CNY, compared to the current price of 80.18 CNY [6]. Core Insights - The company is entering a new growth phase, driven by advancements in high-end equipment and robotics, with a focus on core components for automotive intelligent driving and robotic ball screws, which opens up new long-term growth opportunities [2][12]. - The company is expected to achieve steady revenue growth, with projected revenues of 3.735 billion CNY in 2025, reflecting a year-on-year increase of 14.4% [4][12]. - The net profit attributable to the parent company is forecasted to be 131 million CNY in 2025, with a significant increase of 43.8% compared to the previous year [4][12]. Financial Summary - Total revenue for 2023 is reported at 3,106 million CNY, with a projected increase to 3,265 million CNY in 2024, and further growth to 3,735 million CNY in 2025 [4]. - The net profit attributable to the parent company is expected to decline to 91 million CNY in 2024, before rebounding to 131 million CNY in 2025 and reaching 182 million CNY in 2026 [4]. - The earnings per share (EPS) is projected to be 0.36 CNY in 2025, increasing to 0.50 CNY in 2026 and 0.62 CNY in 2027 [4][12]. - The company’s gross margin is expected to improve, with a forecasted gross margin of 17.5% in 2025 [12]. Business Development - The company is actively expanding its product offerings in high-value sectors, including automotive and aerospace, with successful small-batch orders in high-end bearing products [12]. - The company has secured small-batch orders for core transmission components in robotics, indicating a strong market potential in this emerging sector [12]. - The company is also focusing on enhancing its product structure and R&D capabilities through capital raised from private placements aimed at high-end screw and bearing projects [12].