XTC(SH:600549) China Post Securities·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [7][10]. Core Views - The company's revenue for 2023 is expected to be 39.42 billion yuan, a year-on-year decline of 18.25%, while the net profit attributable to shareholders is projected to grow by 10.57% to 1.6 billion yuan [4][7]. - The tungsten and molybdenum business is showing strong performance, contributing significantly to profits, with a notable increase in sales of fine tungsten wire used in photovoltaic applications [5][7]. - The company is actively expanding its production capacity, with projects aimed at increasing output in high-margin products, which is expected to solidify its market leadership [6][7]. Financial Summary - Revenue projections for 2023, 2024, and 2025 are 39.42 billion yuan, 43.42 billion yuan, and 48.97 billion yuan, respectively, with growth rates of -18.25%, +10.14%, and +12.78% [8][9]. - The net profit attributable to shareholders is expected to be 1.6 billion yuan in 2023, 2.13 billion yuan in 2024, and 2.67 billion yuan in 2025, reflecting growth rates of 10.57%, 33.40%, and 25.39% [8][9]. - The earnings per share (EPS) are projected to be 1.13 yuan for 2023, 1.50 yuan for 2024, and 1.89 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 17.40, 13.04, and 10.40 [8][9].