20230430-中国银河-旭升集团-603305.SH-业绩高速增长_海外扩产如期推进_全球化布局引领二次增长_3页_403kb

Summary of Xusheng Group (603305.SH) Research Report

Key Highlights

• Company Performance: Xusheng Group reported strong financial results for 2022 and 2023 Q1, with revenue growth rates significantly exceeding industry averages. In 2022, revenue reached 445 billion yuan, up 47.31%, and net profit attributable to shareholders was 70.1 billion yuan, up 69.70%. For 2023 Q1, revenue was 117.3 billion yuan, up 182.8%, and net profit was 19.3 billion yuan, up 607.9%.

• Core Analysis: The company's superior performance is driven by its diverse client base, including major automotive manufacturers like Tesla, BYD, and international players such as Rivian and Lucid. Product sales volume and average price increased in 2022, contributing to revenue growth. Gross margins improved in Q4 2022 and Q1 2023, primarily due to falling raw material prices and reduced shipping costs.

• Expansions and Investments: Xusheng is advancing its globalization strategy by investing in a Mexico production facility with a cumulative investment cap of approximately 27.6 billion yuan and raising funds via convertible bonds to expand domestic capacity. Key projects include new manufacturing lines for electric vehicle components, aimed at supporting clients like Tesla and meeting growing demand.

• Investment Recommendation: Maintain a "Recommend" rating, with projected revenues and profits expected to grow at high rates (37.04% in 2023, 31.53% in 2024, and 24.73% in 2025). Forecasted net profits and EPS are set to rise significantly, supporting the positive outlook.

• Risk Assessment: Potential risks include underperformance in product sales and volatility in raw material costs, which could impact financial outcomes.

Financial Growth Forecasts

• Revenues: Projected at 610.3 billion yuan (2023), 802.8 billion yuan (2024), and 1001.4 billion yuan (2025).

• Net Profits: Expected to reach 997 billion yuan (2023), 1310 billion yuan (2024), and 1642 billion yuan (2025).

• EPS Projections: Estimated at 10.7 yuan (2023), 14.0 yuan (2024), and 17.6 yuan (2025), with corresponding PE ratios declining modestly.