Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company's main business of structural components is operating steadily, with Q3 2025 performance meeting expectations. The revenue for Q3 2025 reached 10.603 billion, a year-on-year increase of 23.41%, while the net profit attributable to shareholders was 1.185 billion, up 16.55% year-on-year [1][3]. - The demand for lithium battery structural components is expected to remain high due to the growth in installed capacity for power and energy storage batteries. The company is advancing its overseas projects and plans to further release capacity to meet local customer demands [2]. - The company is also developing lightweight reducers for humanoid robots, aiming to establish a second growth curve. It plans to achieve an annual production capacity of 200,000 specialized reducers within three years [2]. Financial Performance Summary - For Q3 2025, the company's single-quarter revenue grew by 25.8% year-on-year, with a gross margin of 23.65%, slightly up from 23.42% in the same period last year. However, the net profit margin decreased to 10.42% from 11.68% year-on-year due to increased tax payments [1]. - The company forecasts net profits of 1.840 billion, 2.234 billion, and 2.670 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.72, 8.16, and 9.75 [3][4]. Financial Indicators Forecast - The company expects revenue to grow from 10.511 billion in 2023 to 20.775 billion in 2027, with a compound annual growth rate (CAGR) of approximately 18.27% [4]. - The net profit is projected to increase from 1.201 billion in 2023 to 2.670 billion in 2027, reflecting a CAGR of about 19.45% [4]. - The PE ratio is expected to decrease from 42.14 in 2023 to 18.95 in 2027, indicating an improving valuation over time [4].

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 公司于 2025 年 8 月 28 日召开了第五届董事会第二十二次（临时）会议，审 议通过了《关于变更美国项目实施地点的议案》。鉴于市场与客户需求的变化， 以及威斯康星州在先进制造、供应链协同、电池材料技术及人才资源方面的优势， 公司决定将美国项目的实施地点由原印第安纳州变更为威斯康星州。除上述变更 外，项目其他投资内容保持不变。具体内容详见公司于 2025 年 8 月 29 日披露于 《证券时报》、《中国证券报》、《上海证券报》、《证券日报》及巨潮资讯网 （http://www.cninfo.com.cn）的《公司关于变更美国项目实施地点的公告》（公告 编号：2025-063）、《公司第五届董事会第二十二次（临时）会议决议公告》（公 告编号：2025-061）。 近日，公司完成了美国科达利的相关工商注册登记手续并取得了注册证书， 现将相关信息公告如下： 公司英文名称：KEDALI AMERICA, LLC 深圳市科达利实业股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with a year-on-year revenue increase of 23.4% to 10.6 billion yuan and a net profit attributable to the parent company of 1.18 billion yuan, up 16.6% year-on-year [4] - The gross margin improved in Q3 2025, reaching 23.7%, reflecting strong cost control capabilities [5] - The company is actively expanding into the humanoid robot joint assembly and dexterous hand business, establishing partnerships to enhance its product offerings [6] - Future profit projections for 2025-2027 are 1.76 billion, 2.26 billion, and 2.69 billion yuan, respectively, with a maintained "Buy" rating [7] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 3.96 billion yuan, a 25.8% increase year-on-year, and a net profit of 415 million yuan, up 12.8% year-on-year [4] - The gross margin for Q3 2025 was 23.7%, with a notable increase in R&D expense ratio due to investments in new fields like robotics [5] - The company is projected to have revenues of 12.03 billion, 15.53 billion, 19.83 billion, and 23.72 billion yuan from 2024 to 2027, with corresponding net profits increasing from 1.47 billion to 2.69 billion yuan [10]

Investment Rating - The report maintains a "Buy" rating for the company, highlighting its potential for growth in the coming years [4]. Core Insights - The company reported a revenue of 10.603 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 23.4%. The net profit attributable to the parent company was 1.185 billion RMB, up 16.6% year-on-year [2]. - The company is expected to achieve an overall revenue growth rate exceeding 30% next year, driven by high capacity utilization and anticipated expansion based on customer demand [3]. - The company is actively developing humanoid robot components, with a focus on three main product categories: harmonic reducers, cycloidal reducers, and rotary joint assemblies [3]. Summary by Sections Performance Review - For Q3 2025, the company reported a revenue of 3.959 billion RMB, a quarter-on-quarter increase of 9.3%, and a net profit of 415 million RMB, up 8.7% quarter-on-quarter [2]. - The gross margin for the first three quarters was 23.16%, with a slight year-on-year decrease of 0.03 percentage points [3]. Operational Analysis - The company maintains a strong net profit margin, with a net profit margin of 10.6% for the first three quarters, despite a year-on-year decrease of 0.8 percentage points [3]. - The company is expected to see significant revenue growth in Q4, with further expansion planned based on customer needs [3]. Financial Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 1.7 billion RMB, 1.93 billion RMB, and 2.2 billion RMB, respectively [4]. - The report emphasizes the company's leading position in the structural components market and its stable profitability [4].

Group 1 - The core viewpoint of the news highlights the significant developments in the battery ETF market, particularly the performance and liquidity of the Jia Shi Battery ETF, which has seen a turnover of 4.34% and a total transaction volume of 74.1753 million yuan [3] - As of October 29, 2025, the Jia Shi Battery ETF has achieved a net value increase of 16.05% over the past three years, with the highest monthly return since inception reaching 39.76% and an average monthly return of 9.57% [3] - A breakthrough research achievement in solid-state batteries was reported by a team from Tsinghua University, which successfully addressed the fast-charging challenge, potentially accelerating the commercialization of solid-state batteries [3] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include Yangguang Electric, CATL, and Yiwei Lithium Energy, collectively accounting for 55.79% of the index [4] - The stock performance of the top ten companies shows varied results, with Yangguang Electric increasing by 3.77% and Yiwei Lithium Energy decreasing by 0.13% [6] - Investors without stock accounts can access battery industry investment opportunities through the Jia Shi Battery ETF linked fund (016567) [6]

Core Viewpoint - The company indicates that the application of large battery cell steel shells is limited, with aluminum shells remaining the primary choice, and the structural component technology route is relatively stable without significant changes [1] Summary by Relevant Sections - **Battery Cell Materials** - The company emphasizes that large battery cell steel shell applications are limited, continuing to primarily use aluminum shells [1] - **Technological Stability** - The structural component technology route is described as relatively stable, indicating no major transformations are expected in the near future [1] - **Value and Profitability** - The value per GWh slightly decreases as battery cells increase in size, but this does not affect profit margins [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has shown stable growth in revenue and net profit, with Q3 2025 revenue reaching 39.59 billion RMB, a year-on-year increase of 25.8% [2]. - The company is optimistic about demand growth for 2025 and 2026, projecting a revenue growth rate of 30% for structural components [2]. - The company is expanding its global footprint, with new projects in Thailand and the U.S., and expects significant revenue contributions from these regions [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 106.0 billion RMB, up 23.4% year-on-year, and a net profit of 11.8 billion RMB, up 16.6% year-on-year [1]. - In Q3 2025, the net profit margin was 10.49%, slightly impacted by a one-time tax payment of over 20 million RMB [2]. Robotics Business - The subsidiary is focusing on humanoid robots, developing lightweight harmonic reducers and energy-efficient joint modules [3]. - The company showcased several products at the World Robot Conference, indicating a strong commitment to innovation in robotics [3]. Global Expansion - The company is shifting its battery component project from Malaysia to Thailand, with an investment of up to 210 million RMB [4]. - The European factory is expected to generate over 1 billion RMB in revenue next year, supporting local battery manufacturing needs [4]. Valuation and Future Projections - The report adjusts the net profit estimates for 2025-2027, projecting net profits of 17.67 billion RMB, 24.06 billion RMB, and 28.84 billion RMB respectively [5]. - The target price is set at 237.33 RMB, reflecting an increase from the previous estimate of 163.75 RMB [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The Q3 performance met expectations, with stable profitability in the structural components business. For the first three quarters of 2025, the company reported revenue of 10.603 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 1.185 billion yuan, up 17% year-on-year. The net profit margin was 11.1% [6] - The structural components business is expected to see a peak in shipments in Q4, driven by strong demand in the power and energy storage sectors. The company has updated its projects in the U.S. and Thailand, with the latter expected to have an annual output value of 480 million yuan upon reaching full capacity [6] - The company is focusing on lightweight products for humanoid robots, with ongoing development of new products to enhance its product matrix [6] - The profit forecast for 2025-2027 has been slightly adjusted downwards due to increased R&D expenses, with expected net profits of 1.722 billion yuan, 2.157 billion yuan, and 2.602 billion yuan respectively [6] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 14.734 billion yuan, with a year-on-year growth rate of 22.5%. The net profit attributable to shareholders is expected to be 1.722 billion yuan, reflecting a growth rate of 17.0% [5] - The earnings per share for 2025 is estimated at 6.29 yuan, with a projected PE ratio of 28 [5] - The gross profit margin for 2025 is expected to be 23.5%, with a return on equity (ROE) of 13.4% [5]

Core Viewpoint - Keda Li (002850) announced on October 29 that the company's production scheduling is proceeding well, actively arranging production according to customer demand [1] Group 1 - The company is responding positively to customer inquiries regarding production [1] - The production plan for the first quarter of next year will be prepared based on customer demand, although it has not been finalized yet [1]

Group 1 - The company, Keda Li, announced on October 29 that its European factory is actively responding to decarbonization legislation, ensuring that its products meet local low-carbon certification requirements [2]