XCC(SH:603667) GOLDEN SUN SECURITIES·2024-04-30 02:02Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company reported a revenue of 773 million yuan in Q1 2024, a year-on-year decrease of 4.60%, but the net profit attributable to shareholders was 38 million yuan, down 5.84%. However, the net profit after deducting non-recurring items increased by 14.28% year-on-year, indicating an improvement in operational performance [3]. - Due to lower-than-expected downstream demand in Q1 2024, the earnings forecast for the company has been revised downwards. The projected revenues for 2024-2026 are 3.49 billion, 4.35 billion, and 5.32 billion yuan, with net profits of 208 million, 259 million, and 303 million yuan respectively. The current market value corresponds to P/E ratios of 31.4, 25.3, and 21.6 times [4]. Financial Summary - The company achieved a revenue of 3.106 billion yuan in 2023, a decrease of 2.95% year-on-year, and a net profit of 138 million yuan, down 6.49%. The net profit after deducting non-recurring items was 123 million yuan, an increase of 29.07% year-on-year [14]. - The financial indicators for 2024E show expected revenues of 3.49 billion yuan with a growth rate of 12.4%, and net profits of 208 million yuan with a growth rate of 50.7% [5]. - The company's gross margin for 2023 was 17.54%, a slight decrease of 0.24 percentage points year-on-year, while the expense ratio decreased by 0.72 percentage points [14]. Product Development and Market Position - The company has successfully developed new products for the electric vehicle sector and is focusing on the development of components for new energy vehicles and thermal management systems [15]. - The company is also exploring the application prospects of screw components in emerging industries, with ongoing improvements in the design and sampling of screw components and parts [15].