Changjiang Securities research report points out that Xingyu Co., Ltd. is optimistic about the restart of a new round of profit cycle under the triple empowerment of industry upgrading, pattern optimization, and profit recovery. From the following three perspectives: 1) Long-term growth: secondary upgrade of car lights, expansion of industry space; going overseas to Europe, improvement of overseas pattern; 2) Short-term growth: the company's customer transformation is smooth, and with the volume increase of leading independent customers, the company's revenue continues to grow rapidly; 3) Profitability: in the short term, with product structure improvement, supply chain integration cost reduction, decrease in the proportion of depreciation and amortization, and the peak period of R&D has passed, overall profitability recovery is expected; in the long term, as market share further increases, the company's downstream bargaining power strengthens, and the profitability center grows. It is believed that this round of growth is sustainable, and the company will enter a new round of profit enhancement cycle similar to 2017-2020. It is expected that the company's net profit attributable to the parent will be 1.86 billion, 2.32 billion, and 2.86 billion yuan from 2025 to 2027, corresponding to PE ratios of 21.6X, 17.2X, and 14.0X, maintaining a "buy" rating
