XUSHENG(SH:603305) 汽车琰究·2025-08-28 13:54Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 with improved performance compared to Q1 [2][4]. Financial Performance - For H1 2025, the company achieved revenue of 2.096 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [2]. - In Q2 2025, revenue reached 1.050 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29% [4]. - The gross profit margin in Q2 2025 was 22.75%, up 1.10 percentage points year-on-year, while the net profit margin was 9.98%, down 0.66 percentage points year-on-year [4]. Business Expansion - The company's Mexico plant commenced operations in June 2025, enhancing its capacity to serve important customer orders and improve production efficiency [5]. - A new facility in Thailand is under construction, aimed at catering to the growing Southeast Asian market for electric vehicles and high-end manufacturing [5]. New Business Development - The company has developed new products in the energy storage and robotics sectors, achieving approximately 300 million yuan in revenue from energy storage components in H1 2025, marking significant growth [6]. - The company is also advancing in magnesium alloy technology, successfully developing a semi-solid injection molded motor housing and initiating collaboration with an overseas client [6]. Future Projections - Revenue forecasts for 2025-2027 are 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan, respectively, with net profits projected at 495 million yuan, 614 million yuan, and 772 million yuan [9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.52 yuan, 0.64 yuan, and 0.81 yuan, respectively [9].