XCC(SH:603667) Xinda Securities·2024-05-06 08:30Investment Rating - The report provides a rating of "Buy" for the company, indicating a positive outlook compared to the benchmark index [23]. Core Insights - The company is expanding its new product lines and accelerating its robotics business, having developed several new projects and materials, including high-performance tungsten-copper alloy and various precision bearings for industrial robots and aerospace applications [1]. - Financial performance shows a decline in total revenue for 2023, with a reported revenue of 3.106 billion yuan, down 2.95% year-on-year, and a net profit of 138 million yuan, down 6.49% year-on-year. However, the company expects a rebound in net profit for 2024, projecting a growth of 45% [16][17]. Financial Summary - Total revenue for 2022 was 3.200 billion yuan, with a year-on-year growth of 32.1%. The forecast for 2024 is 3.458 billion yuan, reflecting an 11.3% increase [2]. - The net profit attributable to the parent company for 2022 was 148 million yuan, with a year-on-year increase of 19.6%. The forecast for 2024 is 201 million yuan, indicating a growth of 45.3% [2][17]. - The gross margin for 2023 was 17.5%, slightly down from 17.8% in 2022, with a projected gross margin of 17.1% for 2024 [2][7]. - The report highlights a return on equity (ROE) of 4.8% for 2023, with expectations to rise to 6.5% in 2024 [2][17]. - Earnings per share (EPS) for 2023 is projected at 0.37 yuan, with an expected increase to 0.54 yuan in 2024 [2][17]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 47.45 in 2023 to 32.67 in 2024, indicating a more attractive valuation [2][17].