丨证券研究报告丨 分析师及联系人 [Table_Author] 范超 高伊楠 李浩 SAC：S0490513080001 SAC：S0490517060001 SAC：S0490520080026 SFC：BQK473 SFC：BUW101 [Table_scodeMsg1] 联合研究丨公司点评丨浙江仙通（603239.SH） [Table_Title] 主业持续向好，切入机器人赛道 报告要点 [Table_Summary] 公司发布 2025 年 3 季报：公司前 3 季度实现收入 10.24 亿，同增 21.7%；实现归属净利润 1.52 亿，同增 17.4%；实现扣非归母净利润 1.49 亿，同增 17.1%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 浙江仙通（603239.SH） cjzqdt11111 [Table_Title2] 主业持续向好，切入机器人赛道 [Table_Summary2] 事件描述 公司发布 2025 年 3 季报：公司前 3 季度实现收入 10.24 亿，同增 21.7%；实现归属净利 ...

10月22日晚，国内汽车密封条龙头企业浙江仙通（603239）披露2025年三季报，公司前三季度业绩实现 稳健增长，同时宣布完成对机器人领域的战略投资，在巩固主业优势的基础上迈出多元化发展关键步 伐。 盈利能力与财务质量的同步优化成为浙江仙通三季报的突出亮点。前三季度，公司加权平均净资产收益 率达12.74%，同比上升0.68个百分点；投入资本回报率12.62%，较上年同期提升0.79个百分点，资本配 置效率持续改善。现金流管理成效显著，经营活动现金流净额达9721.12万元，同比实现大幅正向增 长，同时应收票据及应收账款较上年末减少35.22%，资产结构更趋健康。 业绩增长背后，是浙江仙通在主业领域的深度布局与行业机遇的精准把握。作为深耕汽车密封条领域近 三十年的领军企业，浙江仙通凭借同步开发能力、成本控制优势及汽车主机厂资源积累，在国产替代浪 潮中持续突破。受益于自主品牌汽车市场份额提升及新能源汽车渗透率增长，公司高端产品市场份额不 断扩大，其研发的无边框密封条等产品成功打破外资垄断，已进入极氪、比亚迪（002594）等头部新能 源车企供应链。前三季度公司研发投入达3918.10万元，占营业收入比重约3. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 672 million in the first half of 2025, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 107 million, up 17.1% year-on-year [1][3]. - In Q2 2025, the company reported a revenue of 329 million, a 15.3% increase year-on-year, with a net profit of 40 million, reflecting a 2.2% growth year-on-year [3]. - The automotive industry showed stable growth, with passenger car sales in China increasing by 10.8% year-on-year, contributing to the company's revenue growth [8]. - The company's gross margin slightly declined by 1.2 percentage points to 29.9% due to intensified competition in the automotive supply chain, while the net profit margin decreased by 0.6 percentage points to 15.6% [8]. - The company maintains a strong cost advantage, with over 90% of its tooling produced in-house, a high product yield rate of over 95%, and a low labor cost due to its location [8]. - The customer base has been optimized, with significant breakthroughs in partnerships with major domestic and joint venture automotive brands, positioning the company to benefit from the increasing demand for frameless sealing strips [8]. - The company has a robust pipeline with 42 new projects in development, which is more than double the number of projects from 2023, indicating strong future growth potential [8]. Financial Summary - The company expects net profits of approximately 210 million and 270 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 20.9 and 16.6 times [8].

Summary of Conference Call for Xiantong Co., Ltd. Company Overview - **Company**: Xiantong Co., Ltd. - **Industry**: Automotive sealing products Key Points Financial Performance - **Q1 Revenue Growth**: Revenue increased by 25% year-on-year, with a significant improvement in net profit margin due to a 2.1 times increase in new project numbers compared to the previous year, expected to start mass production in the next 18-24 months [1][3][5] - **Profitability Outlook**: Gross margin is expected to remain between 28%-29% in 2024 due to customer rebates, but profitability is anticipated to improve in Q1 2025 as rebates are not affecting the current quarter [1][9] Strategic Initiatives - **Project Acquisition**: The company plans to secure more projects over the next 2-3 years to solidify its leading position in the industry, with a focus on high-quality projects [1][5][12] - **Investment Plans**: Xiantong intends to invest 800 million yuan to build first-class production capacity, including logistics, production equipment, and R&D center upgrades, aiming for a 4.5 billion yuan industry scale [1][5][6] Market Position and Competition - **Competitive Landscape**: The company is enhancing its technical capabilities and product quality through collaborations with high-end automakers such as FAW Hongqi, BYD, and Mercedes-Benz. Competitors like Cooper Standard have shown signs of business divestment, indicating Xiantong's competitive strength in the sealing strip sector [1][6][8] - **Market Share**: Xiantong holds approximately 45% market share with key clients like Geely and Chery, focusing on new energy vehicles [3][21][23] Future Growth and Development - **New Orders**: The company has secured a significant number of new orders, primarily from Geely and Chery, with a focus on new energy vehicles. The total number of projects for Chery is around 678 [21][22] - **Long-term Strategy**: Xiantong aims to become the largest automotive sealing strip supplier in China, with plans to expand its production capacity and continue acquiring new projects [7][24] Risk Management and Challenges - **Market Pressures**: The automotive industry is facing intense competition, with upstream pressures such as project rebates and price reductions affecting revenue and net profit. However, Xiantong has managed to maintain a strong performance despite these challenges [3][9][36] - **Cash Flow and Financing**: The company is considering refinancing options for its 800 million yuan investment, with a focus on repairing its stock price before proceeding with financing [18][19] Additional Insights - **Raw Material Prices**: The price of nitrile rubber remains high due to supply chain issues, although a long-term decrease is expected as oil prices stabilize [26] - **Product Development**: Xiantong is exploring opportunities in the humanoid robotics sector to ensure long-term growth and technological innovation [34][35] Conclusion Xiantong Co., Ltd. is positioned for growth in the automotive sealing products industry, with a strong focus on project acquisition, strategic partnerships, and investment in production capacity. Despite facing competitive pressures, the company is optimistic about its profitability and market share expansion in the coming years.

Core Viewpoint - Zhejiang Xiantong (603239) has demonstrated strong growth in 2024, achieving record highs in both revenue and net profit despite increasing competition in the automotive parts industry [2][3]. Financial Performance - The company reported a revenue of 1.225 billion yuan, a year-on-year increase of 14.90% - Net profit reached 172 million yuan, reflecting a growth of 13.70% [2] - In Q1 2024, revenue was 343 million yuan, up 27.28%, and net profit was approximately 66.69 million yuan, increasing by 28.38% [4] R&D and Technological Advancements - Zhejiang Xiantong invested 49.69 million yuan in R&D in 2024, accounting for 4.06% of revenue - The company holds 26 core technology patents, including 9 invention patents, and maintains a leading position in rubber vulcanization and seamless interface technologies [2][3] Market Position and Client Network - As a leader in the domestic automotive sealing strip industry, the company has established a robust client network, including major automakers like FAW-Volkswagen and SAIC General - In 2024, the top five clients accounted for 86.72% of total sales [3] Production and Cost Control - The company produced 109 million meters of rubber sealing strips in 2024, a 14.81% increase from the previous year - Cost control measures, including over 90% self-manufacturing of tooling and optimized procurement processes, led to a gross margin of 28.49%, up 1.05 percentage points from the previous year [3] Shareholder Returns - Zhejiang Xiantong plans to distribute 2.10 yuan per 10 shares in cash dividends for 2024, totaling 56.85 million yuan - Cumulatively, the company has distributed over 860 million yuan in dividends since its listing, with an average payout ratio of 70% [3] Future Outlook - The company is planning to acquire approximately 87 acres of land for advanced production lines to meet future growth demands - It aims to leverage resources from its controlling shareholder for mergers and acquisitions to cultivate a second growth curve, targeting a total production capacity of 2.5 billion yuan within two years [3]