据悉，前述项目生产地为旭升集团中国及墨西哥生产基地。公司表示，本次获得客户定点是双方长期合 作的深化，有助于进一步巩固领先优势，提升市场份额。 在储能领域，旭升集团自主研发的储能电池外壳、散热模块外壳及结构支架等核心部件，凭借轻量化、 高强度和优异的散热性能，赢得市场青睐。2025年上半年，公司储能业务实现营收约3亿元，同比呈现 爆发式增长。 不过，定点通知并不能反映客户最终的实际采购数量，公告中披露的项目总金额仅为预计金额，具体以 订单结算金额为准。 近年来，旭升集团持续深化全球化布局，加速产能出海步伐，以满足海外客户的本地化配套需求。目 前，公司已在墨西哥、泰国布局海外生产基地。 刚被广州国资"相中"，旭升集团（603305）又获重要客户定点。 2025年6月，墨西哥基地正式投产运营，该基地覆盖从原材料采购到成品制造的全链条生产，实现了轻 量化产品的本地化闭环供应。旭升集团表示，从客户角度看，北美主要客户排产需求充足，订单执行顺 利，为产能释放提供了稳定基础；从运营端看，良率和效率正在稳步提升，本地化采购比例也在逐步提 高，有助于后续进一步降低成本、改善交付周期。紧随其后，公司泰国基地于2025年7月正式 ...

旭升集团长期从事精密铝合金零部件的研发、生产与销售，并专注于为客户提供轻量化的解决方案，在 新能源轻量化领域行业地位领先。 公开资料显示，旭升集团很早便进入了特斯拉供应链，目前已成为特斯拉的核心供应商之一。 近年来，旭升集团持续深化全球化布局，加速产能出海步伐，以满足海外客户的本地化配套需求。目 前，公司已在墨西哥、泰国布局海外生产基地。 2025年6月，墨西哥基地正式投产运营，该基地覆盖从原材料采购到成品制造的全链条生产，实现了轻 量化产品的本地化闭环供应。旭升集团表示，从客户角度看，北美主要客户排产需求充足，订单执行顺 利，为产能释放提供了稳定基础；从运营端看，良率和效率正在稳步提升，本地化采购比例也在逐步提 高，有助于后续进一步降低成本、改善交付周期。紧随其后，公司泰国基地于2025年7月正式破土动 工，预计2026年下半年开始陆续投入使用，重点服务东南亚新能源汽车及高端智造产业。 刚被广州国资"相中"，旭升集团（603305）又获重要客户定点。 1月5日晚间，旭升集团发布公告，公司近日收到某北美新能源汽车厂商的定点通知，将为该客户供应动 力总成、车身件、副车架、电池盒等零部件产品。根据规划，本次定点项 ...

Event Overview - The company released its Q3 2025 report, showing revenue of 3.226 billion yuan for the first three quarters, a year-on-year decrease of 1.48%. The net profit attributable to shareholders was 300 million yuan, down 7.16% year-on-year. In Q3 2025, revenue was 1.130 billion yuan, up 0.41% year-on-year and 7.64% quarter-on-quarter. The net profit attributable to shareholders for Q3 was 99 million yuan, a significant increase of 70.43% year-on-year but down 5.50% quarter-on-quarter. The non-recurring net profit was 91 million yuan, up 96.36% year-on-year and down 5.22% quarter-on-quarter [2]. Analysis and Judgment - Q3 2025 performance faced slight pressure while awaiting capacity ramp-up. Revenue for Q3 was driven by major customer Tesla, which delivered 497,100 vehicles globally, an increase of 7.39% year-on-year and 29.41% quarter-on-quarter. The gross margin for Q3 was 21.45%, up 3.23 percentage points year-on-year but down 1.30 percentage points quarter-on-quarter due to customer capacity ramp-up. The net profit margin was 8.78%, up 3.81 percentage points year-on-year and down 1.20 percentage points quarter-on-quarter. The financial expenses increased significantly quarter-on-quarter due to convertible bond interest [2][3]. Overseas Expansion - The company's Mexico factory officially commenced operations in June 2025, completing the core team setup and securing important customer orders through OTS sample deliveries. The factory aims to enhance capacity utilization through automation and achieve localized supply of lightweight products. Additionally, a factory in Thailand began construction in July 2025, focusing on serving the rapidly growing Southeast Asian market for new energy vehicles and high-end manufacturing [3][4]. New Business Development - The company is developing new businesses in energy storage and robotics, having established partnerships with several global energy storage system integrators. In the first half of 2025, revenue from energy storage products reached approximately 300 million yuan, showing significant growth. The company is also entering the humanoid robotics sector, focusing on the development of joint shells and torso structural components, with several domestic and international projects secured. Furthermore, the company has successfully developed semi-solid injection molded motor housings using magnesium alloy technology and is collaborating with a foreign client on a magnesium alloy electric drive housing project [5]. Investment Recommendations - The company is positioned as a strong beneficiary in the lightweight new energy vehicle sector, leveraging its advanced technology, research and development capabilities, and customer expansion efforts to rapidly capture market share. Revenue projections for 2025-2027 are 4.62 billion yuan, 5.40 billion yuan, and 6.20 billion yuan, respectively, with net profits of 420 million yuan, 550 million yuan, and 660 million yuan. Corresponding EPS estimates are 0.41 yuan, 0.54 yuan, and 0.64 yuan, with PE ratios of 36, 27, and 23 times, respectively, maintaining a "recommended" rating [5][6].

Core Viewpoint - Ningbo Xusheng Group Co., Ltd. is actively engaging in the development of humanoid robots, lightweight new energy solutions, energy storage, and overseas bases, including factories in Mexico and Thailand, to achieve synergistic growth in its core and emerging businesses [2][4]. Group 1: Business Development - The company focuses on aluminum and magnesium alloy lightweight technology, deeply engaging in the new energy vehicle sector while strategically expanding into energy storage and humanoid robotics [2][3]. - Xusheng Group is developing key products for humanoid robots, such as joint shells and torso components, leveraging its expertise in precision processing of aluminum and magnesium alloys to enhance robot performance [3]. - The new energy vehicle business encompasses various product lines, including die-casting, forging, and extrusion, which are integrated to meet diverse customer needs [3]. Group 2: Energy Storage and Production - The company has identified opportunities in the energy storage industry, successfully launching multiple projects that have entered mass production, achieving revenue of approximately 234 million yuan, a year-on-year increase of over 200% [4]. - The first phase of the Mexico factory is in critical stages of commissioning, with the first production line expected to be completed by the end of May, aiming to create a complete industrial chain for new energy vehicles and energy storage [4][5]. Group 3: International Expansion and R&D - Xusheng Group is establishing a triangular production network across China, North America, and Southeast Asia, enhancing its dual-track strategy of "technology going global" and "local coexistence" [5][6]. - The company plans to invest 191 million yuan in R&D for 2024, representing 4.34% of its revenue, focusing on new products applicable in new energy vehicles, energy storage, and humanoid robotics [6][7]. Group 4: Smart Manufacturing and Recognition - The intelligent factory for aluminum alloy precision components utilizes advanced digital production management systems and AI technologies, achieving a product detection accuracy of 99.99% [7]. - Xusheng Group has been recognized as one of the "2025 Zhejiang Province Advanced Intelligent Factories," highlighting its commitment to digital transformation and excellence in the core components of new energy vehicles [6][7].

Core Viewpoint - The company is facing short-term performance pressure due to demand fluctuations and cost-cutting requests from clients, but it is expected to enhance profitability through new project launches and capacity utilization improvements in the future [2][10][24]. Financial Performance - In 2024, the company is projected to achieve revenue of 4.41 billion yuan, a year-on-year decrease of 8.8%, with a net profit of 420 million yuan, down 41.7% year-on-year [2][10]. - For Q1 2025, the company reported revenue of 1.05 billion yuan, a decline of 8.1% year-on-year and 7.8% quarter-on-quarter, with a net profit of 100 million yuan, down 39.2% year-on-year [2][10]. - The gross margin for Q1 2025 was 20.8%, a decrease of 3.0 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter [4][10]. Business Expansion and Strategy - The company is expanding its product categories and client base while enhancing production capacity and refining processes, marking the beginning of a new global expansion phase [5][6]. - The company has mastered three major aluminum alloy processes: die-casting, forging, and extrusion, and is expanding into the energy storage sector, with expected revenue of approximately 230 million yuan from energy storage projects in 2024 [6][22]. - The company is leveraging its global automotive client base to build a comprehensive customer resource system [6]. New Business Development - The company is focusing on humanoid robotics, utilizing its expertise in aluminum alloy precision processing to develop key components such as joint shells and torso structures, with several projects secured from domestic and international clients [8][22]. - The construction of a production base in Mexico is progressing, with plans for a Thailand base to support global customer outreach, focusing on aluminum-magnesium alloy components for new energy vehicles and humanoid robots [20][21]. Operational Efficiency - The company aims to enhance internal operational management and cost efficiency through technology and process innovations, including centralized procurement and strategic partnerships with suppliers [19][21]. - The company is implementing a "zero inventory" management model to optimize inventory turnover rates [19].