Summary of the Conference Call for Xiangxin Technology Company Overview - Xiangxin Technology reported a revenue of 6.734 billion yuan in 2024, with the components business accounting for 74% of total revenue. The revenue from energy storage products grew by 123% year-on-year, and overseas market revenue increased by 12.89%, indicating initial success in global expansion. However, the net profit margin was only 5.34% [2][3][4]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.636 billion yuan, with a net profit margin of 5.06%. The non-recurring net profit was 82.79 million yuan. R&D expenses increased by 27.33% year-on-year, influenced by annual price reductions from clients, leading to a decline in gross margin, although the non-recurring net profit margin improved compared to Q4 [2][4][5]. Strategic Focus - The company's strategic priorities include accelerating global expansion and increasing the proportion of overseas revenue. The construction of a factory in Thailand is progressing, with plans to establish another factory in Europe or North Africa to meet customer demands. Target clients include international automotive companies such as Stellantis, Renault, Toyota, and Volkswagen [2][6][13]. Client Structure and Revenue Contribution - Major clients for 2024 included GAC Group, CATL, Geely, and Yiwei Lithium Energy, with Huawei being a key customer for energy storage products. The company anticipates significant growth in automotive seat frame products and energy storage products in 2025, with a revenue target of 8 billion yuan [2][7]. Profit Margin Expectations - The company expects an overall profit margin of 5% for 2025, accounting for annual price reductions from clients. The net profit margin reflects all annual price adjustments starting from January [2][8]. Robotics Business Development - Xiangxin Technology is actively investing in and expanding its robotics business, engaging with automotive clients on humanoid robot projects. Some products are currently in testing, with plans for a product launch event [4][10][24]. R&D and Product Development - The company is focusing its R&D investments on refrigerant cooling, intelligent robotics, and commercial energy storage systems. The R&D expense ratio is expected to stabilize, aligning with customer needs [11][20]. Global Expansion and Capacity Planning - The company has established a factory in Monterrey, Mexico, with rapid growth since its inception. The Thai factory is in preparation, and a third factory is planned for Europe or North Africa to cater to customer needs [13][14]. Key Technologies and Innovations - Xiangxin Technology is developing refrigerant cooling technology, which is applicable in various fields, including power batteries and energy storage. The company is also exploring new materials and technologies for its products [20][21]. Market Trends and Future Outlook - The automotive components business remains stable, while the energy storage sector is experiencing rapid growth. The company is also expanding into intelligent robotics and server markets, which are seen as future growth areas [21][32]. Conclusion - Xiangxin Technology is positioned for growth through strategic global expansion, a focus on R&D, and diversification into new markets such as robotics and energy storage. The company aims to enhance its profit margins while navigating challenges in the automotive industry and client pricing pressures [2][6][25].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a steady growth in revenue and net profit for Q1 2025, with revenue reaching 3.416 billion yuan, up 15.05% year-on-year, and net profit attributable to shareholders at 212 million yuan, up 10.89% year-on-year [6][7]. - The company's gross margin was 19.79%, a decrease of 1.77 percentage points year-on-year, primarily due to changes in accounting policies, while the net profit margin was 6.97%, down 0.13 percentage points year-on-year [7]. - The company is rapidly expanding its third curve business, which includes thermal management products for various sectors such as commercial vehicles, passenger cars, new energy, and emerging fields like smart driving and data processing centers, indicating strong future growth potential [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 3.416 billion yuan, a year-on-year increase of 15.05%, and a net profit of 212 million yuan, up 10.89% year-on-year [6][7]. - The company expects to achieve total revenue of 15.5 billion, 17.8 billion, and 19.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22%, 15%, and 10% [9][10]. Profitability Forecast - The forecasted net profit for the company is 1.1 billion, 1.3 billion, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 36%, 24%, and 17% [9][10]. - The expected earnings per share (EPS) are projected to be 1.28, 1.59, and 1.86 yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 20, 16, and 14 times [9][10]. Business Expansion - The company is actively developing its third curve business, which includes products for energy storage, liquid cooling systems, and data center cooling solutions, indicating a strategic focus on high-growth areas [7][9].

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 31.12 yuan [1]. Core Insights - The company achieved a revenue of 1.828 billion yuan in 2024, representing a year-on-year growth of 23.83%, and a net profit attributable to shareholders of 435 million yuan, up 34.50% year-on-year [4][7]. - In Q1 2025, the company reported a revenue of 449 million yuan, a 20.81% increase year-on-year, with a net profit of 108 million yuan, reflecting an 8.20% year-on-year growth [4][7]. - The company plans to distribute a cash dividend of 0.651 yuan per share, totaling approximately 26.97 million yuan [4]. Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 1,828 million yuan (+23.83% YoY) - 2024 net profit: 435 million yuan (+34.50% YoY) - 2025 Q1 revenue: 449 million yuan (+20.81% YoY) - 2025 Q1 net profit: 108 million yuan (+8.20% YoY) [4][6][7]. - Profitability Metrics: - 2024 gross margin: 36.42% (+5.67 percentage points YoY) - 2024 net margin: 23.57% (+2.05 percentage points YoY) [7]. - Future Projections: - Expected net profits for 2025-2027: 544 million yuan, 664 million yuan, and 811 million yuan respectively [8][10]. - Expected EPS for 2025-2027: 1.31 yuan, 1.60 yuan, and 1.95 yuan respectively [10]. Product and Market Structure - The company focuses on optimizing product, market, and customer structures, with significant sales in sectors such as new energy vehicles, AI servers, and photovoltaic storage [7][8]. - The SGT-MOSFET product line saw a revenue increase of 43% YoY, contributing to 42.86% of total sales [8]. - The company is expanding its presence in high-end applications and deepening ties with leading clients in the new energy sector [8]. Financial Ratios - Key financial ratios for 2024-2027: - Gross margin: 36.4% (2024), 36.8% (2025E), 36.8% (2026E), 36.9% (2027E) - Net margin: 23.8% (2024), 24.2% (2025E), 24.2% (2026E), 24.2% (2027E) - ROE: 11.0% (2024), 12.3% (2025E), 13.3% (2026E), 14.3% (2027E) [10].

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 浙江艾罗网络能源技术股份有限公司 SolaX Power Network Technology （Zhejiang） Co., Ltd. （浙江省桐庐县桐庐经济开发区石珠路 288 号） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书不具 有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股书作为投资决 定的依据。 保荐机构（主承销商） （深圳市福田区福田街道福华一路 111 号） 艾罗能源首次公开发行股票并在科创板上市申请文件 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法 ...