市值风云·2025-09-18 10:09Core Viewpoint - The article discusses the challenges and strategic shifts of Xusheng Group in the context of the competitive landscape of the electric vehicle (EV) industry, particularly focusing on its reliance on Tesla and the recent decline in performance metrics [4][10]. Group 1: Company Background and Growth - Xusheng Group transitioned to the lightweight components sector for electric vehicles in 2013, focusing on aluminum alloy precision die-casting, which became essential due to the weight constraints of EV batteries [5]. - The company signed a long-term cooperation contract with Tesla in 2013, becoming a key supplier and experiencing significant growth, with revenue increasing from 200 million to 4.83 billion yuan from 2014 to 2023, representing a compound annual growth rate (CAGR) of 34% [5]. - Net profit also saw substantial growth, rising from 30 million to 710 million yuan during the same period, with a CAGR of 42% [5]. Group 2: Customer Diversification and Dependency - Acknowledging the risks of over-reliance on Tesla, Xusheng Group has expanded its customer base to include industry leaders like CATL, ZF, Mercedes-Benz, BMW, and BYD, although Tesla remains the largest customer [6]. - In 2024, revenue from overseas leading EV manufacturers reached 1.383 billion yuan, accounting for nearly one-third of total revenue, with Tesla still being the primary client [6]. Group 3: Performance Challenges - The company faced headwinds in 2024 due to a slowdown in global EV growth and fluctuations in Tesla's sales, leading to a decline in revenue to 4.41 billion yuan, down 8.8% year-on-year, and a significant drop in net profit by 41.7% to 420 million yuan [10]. - In the first half of 2025, Xusheng Group reported revenue of 2.1 billion yuan, a decrease of 2.5% year-on-year, and net profit of 200 million yuan, down 24.2%, continuing the downward trend from 2024 [11]. - The decline in performance is attributed to three main factors: fluctuations in Tesla's sales, which saw a 13.24% year-on-year drop in deliveries, leading to a 10.5% decrease in automotive revenue to 1.705 billion yuan; pressure on gross margins due to industry price competition, with a 1.47 percentage point decline in gross margin to 21.78%; and an increase in operating expenses despite declining revenue [13][14].