XUSHENG(603305) 民生证券·2025-04-27 07:25Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company is positioned as a strong beneficiary in the lightweighting of new energy vehicles, leveraging its advanced technology, research capabilities, and customer expansion to rapidly capture market share [4]. - The company has made significant progress in overseas project development and the robotics business, with a notable order of approximately 1.9 billion yuan from mainstream North American electric vehicle platforms [3]. - The company is expanding its magnesium alloy capabilities and entering the humanoid robotics sector, focusing on the development of joint shells and torso structural components [3]. Financial Performance Summary - For the fiscal year 2024, the company reported a revenue of 4.409 billion yuan, a year-on-year decrease of 8.79%, and a net profit attributable to shareholders of 416 million yuan, down 41.71% year-on-year [1][5]. - In Q1 2025, the company achieved a revenue of 1.046 billion yuan, a decrease of 8.12% year-on-year, while the net profit attributable to shareholders was 96 million yuan, down 39.15% year-on-year [1][2]. - The gross margin for Q1 2025 was 20.80%, showing a year-on-year decline of 3.01 percentage points but a quarter-on-quarter increase of 3.25 percentage points [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 527 million yuan, 650 million yuan, and 809 million yuan [5][10]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.55 yuan, 0.68 yuan, and 0.85 yuan, respectively [5][10]. Cost and Expense Analysis - The report indicates that the company's operating costs for 2024 are projected at 3.515 billion yuan, with a gross margin of 20.28% [10]. - The selling, general, and administrative expenses are expected to be 20 million yuan, 169 million yuan, and 191 million yuan for sales, management, and R&D, respectively, in 2024 [10]. Market Expansion and Capacity Development - The company has initiated the construction of a manufacturing base in Mexico, which is expected to commence production in 2025, and is planning a base in Thailand by the end of 2024 [3]. - The company has secured multiple projects with leading domestic new energy vehicle manufacturers, indicating strong domestic market penetration [3].