XWXN(SH:688778) Minsheng Securities·2024-04-19 00:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its product matrix and global capacity expansion [17][19]. Core Views - The company is expected to achieve revenue of 231.04 billion, 261.57 billion, and 319.90 billion from 2024 to 2026, with year-on-year growth rates of 33.5%, 13.2%, and 22.3% respectively [17]. - The net profit attributable to the parent company is projected to be 7.64 billion, 10.29 billion, and 15.14 billion for the same period, with growth rates of 44.9%, 34.6%, and 47.2% respectively [17]. - The company is expanding its overseas market presence, with a joint venture in France to build a 40,000-ton ternary material project, which is expected to enhance its profitability and customer base [17]. Financial Summary - The company reported a revenue of 17.31 billion in 2023, with a significant decline of 39.79% year-on-year, but is expected to rebound with a growth of 33.5% in 2024 [18][20]. - The net profit for 2023 was 527 million, down 52.93% year-on-year, but is forecasted to increase to 764 million in 2024, reflecting a growth of 44.9% [18][20]. - Key financial metrics include a projected PE ratio of 19 in 2024, decreasing to 9 by 2026, indicating improving valuation as earnings grow [17][18].