Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance shows high profit margins, with a revenue of 3.02 billion yuan, a year-on-year increase of 20.5% [7] - The company is expected to achieve a revenue growth of 20-30% in the structural components sector for 2025, potentially reaching around 15 billion yuan [7] - The company has a strong cash flow, with operating cash flow of 680 million yuan in Q1 2025, a year-on-year increase of 198.9% [7] - The company is well-positioned for future growth with its innovative product offerings, including a new lightweight harmonic reducer made from Peek material [7] Financial Forecasts - Total revenue is projected to reach 10.51 billion yuan in 2023, growing to 20.07 billion yuan by 2027, with a compound annual growth rate (CAGR) of 16.80% [1] - Net profit attributable to shareholders is expected to increase from 1.20 billion yuan in 2023 to 2.79 billion yuan in 2027, reflecting a CAGR of 20.00% [1] - The latest diluted EPS is forecasted to rise from 4.39 yuan in 2023 to 10.20 yuan in 2027 [1] Market Data - The closing price of the company's stock is 134.50 yuan, with a market capitalization of approximately 36.78 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 30.63 for 2023, which is expected to decrease to 13.19 by 2027 [1][5]

Core Viewpoint - The company, Shenzhen Keda Li Industrial Co., Ltd., has announced that its wholly-owned subsidiary, Fujian Keda Li Precision Industry Co., Ltd., has received the High-tech Enterprise Certificate, which allows it to enjoy tax benefits for three years [9]. Financial Data - The quarterly report has not been audited [3][8]. - There are no adjustments or restatements of previous accounting data required [4]. - The company does not have any non-recurring profit and loss items [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders have not changed due to any lending or borrowing of shares [6]. Other Important Matters - The company confirms that the financial information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [2][9].

Core Insights - The company reported Q1 2025 earnings with revenue of 3.02 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 253 million yuan, up 19.5% year-on-year [1] Operational Analysis - The company's gross margin stood at 22.2%, remaining flat year-on-year but down 5 percentage points quarter-on-quarter, primarily due to a decline in utilization rates. The expense ratio was 9.16%, up 0.1 percentage points year-on-year but down 1.7 percentage points quarter-on-quarter. Credit impairment reversals amounted to 20 million yuan, with other income at 23 million yuan. The net profit margin, excluding non-recurring items, was 11.68%, down 0.1% year-on-year and 1.7% quarter-on-quarter [2] - The impact of tariffs is limited, with the main business gradually expanding overseas. The company is actively developing a second growth curve in robot components. It is expected that the overseas base will see growth rates exceeding overall business growth by 2025, potentially turning profitable. Recently, the company launched seven new core transmission technology robots, focusing on lightweight and high performance, and has established a product matrix including harmonic reducers and intelligent joint modules, continuing customer sample testing [2] - Looking ahead, the company anticipates that revenue growth in the main business for 2025 will exceed last year's levels, with industry price declines expected to be weaker than in 2024. The company remains optimistic about profit margin resilience, with the robot business expected to contribute tens of millions in revenue [2] Profit Forecast, Valuation, and Rating - As a global leader in structural components, the company maintains its leading position with stable profitability validated by performance. The expansion into robot components is viewed positively as a second growth curve. The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.81 billion, 2.08 billion, and 2.36 billion yuan, respectively, corresponding to price-to-earnings ratios of 20, 18, and 16 times. The rating is maintained as "Buy" with a strong recommendation [3]

深圳市科达利实业股份有限公司（以下简称"公司"）全资子公司福建科达 利精密工业有限公司（以下简称"福建科达利"）于近日收到福建省科学技术厅、 福建省财政厅、国家税务总局福建省税务局联合颁发的《高新技术企业证书》， 证书编号：GR202435002643，发证时间：2024 年 12 月 4 日，有效期三年。 根据《中华人民共和国企业所得税法》等相关规定，福建科达利自本次通过 高新技术企业认定后，连续三年（即 2024 年、2025 年、2026 年）可享受国家关 于高新技术企业的相关税收优惠政策，即按 15%的税率缴纳企业所得税。 福建科达利 2024 年度已根据相关规定按照 15%的企业所得税税率进行财务 核算，上述税收优惠政策不会对公司此前已披露的《2024 年年度报告》相关财 务数据产生影响。 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-023 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 关于全资子公司福建科达利获得高新技术企业证书的公告 本公司及董事会全体成员保证信息披露的内容真实、 ...

Group 1 - The core point of the article is that Keda Li (002850) reported a revenue of 3.022 billion yuan for the first quarter of 2025, representing a year-on-year growth of 20.46% [1] - The net profit for the same period was 387 million yuan, showing a year-on-year increase of 25.51% [1]

Financial Performance - The company's revenue for Q1 2025 reached ¥3,021,730,958.60, representing a 20.46% increase compared to ¥2,508,509,695.36 in the same period last year[5] - Net profit attributable to shareholders was ¥387,310,638.95, up 25.51% from ¥308,582,801.62 year-on-year[5] - Basic earnings per share increased by 24.56% to ¥1.42, up from ¥1.14 in the same quarter last year[5] - The company reported a significant increase in operating income, which reached ¥3,021,730,958.60, primarily due to a rise in orders and sales[9] - Total operating revenue for the current period reached ¥3,021,730,958.60, an increase of 20.4% compared to ¥2,508,509,695.36 in the previous period[19] - Net profit for the current period was ¥385,829,188.90, representing a growth of 25.1% from ¥308,557,546.10 in the previous period[20] - Earnings per share (EPS) for the current period was ¥1.42, compared to ¥1.14 in the previous period, reflecting a 24.6% increase[21] Cash Flow - The net cash flow from operating activities surged by 198.89% to ¥678,594,071.03, compared to ¥227,034,867.42 in the previous year[5] - Cash flow from operating activities generated ¥678,594,071.03, significantly higher than ¥227,034,867.42 in the previous period[21] - The cash inflow from investment activities was ¥1,110,000,000.00, up from ¥930,000,000.00 in the previous period, indicating positive investment returns[21] - The net cash flow from financing activities improved to $145.51 million, compared to a negative $253.65 million in the previous period[22] - The cash and cash equivalents at the end of the period amounted to $1.64 billion, up from $1.05 billion in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥19,953,221,529.19, a 4.74% increase from ¥19,050,522,318.15 at the end of the previous year[5] - Total liabilities increased to ¥7,598,370,276.94 from ¥7,365,953,256.83, marking a rise of 3.2%[17] - The company's equity attributable to shareholders rose by 5.77% to ¥12,313,066,489.26 from ¥11,641,302,848.28 at the end of the last year[5] - Total current assets rose to ¥11,956,951,941.49 from ¥11,093,170,711.82, indicating an increase of about 7.8%[14] - Non-current assets totaled ¥7,996,269,587.70, slightly up from ¥7,957,351,606.33, reflecting a marginal increase of 0.5%[15] Research and Development - Research and development expenses increased by 16.44% to ¥153,976,938.09, driven by investments in new projects and products[9] - Research and development expenses for the current period were ¥153,976,938.09, an increase from ¥132,231,660.71 in the previous period, indicating a focus on innovation[19] Market and Shareholding - The company is focusing on expanding its market presence and enhancing product development strategies[13] - There are no significant changes in the shareholding structure among the top shareholders, with the largest shareholder holding 28.23%[12] Other Financial Metrics - The company reported a total comprehensive income of ¥432,932,057.06, compared to ¥276,333,675.62 in the previous period, showing strong overall performance[20] - The company experienced a 1928.45% increase in non-operating income, totaling ¥23,497,721.74, mainly due to increased customer compensation payments[9] - Total operating costs increased to ¥2,649,716,509.64, up 19.9% from ¥2,208,661,582.64 in the previous period[19] - The company reported an increase in accounts receivable from ¥3,818,181,593.53 to ¥3,376,825,698.53, a decrease of about 11.6%[14] - The company has maintained a stable level of inventory, with a slight increase from ¥832,327,075.18 to ¥848,422,988.72, representing a growth of approximately 1.1%[14] Audit and Reliability - The company’s first quarter report was not audited, which may affect the reliability of the financial data presented[23]

Investment Rating - Stock Rating: Overweight [6] - Industry View: Attractive [6] - Price Target: Rmb122.00 [6] Core Insights - Shenzhen Kedali Industry Co Ltd reported robust results for 4Q24, with a net profit of Rmb455 million, reflecting a 23.6% quarter-on-quarter and 12.2% year-on-year increase [9] - The company aims for 20-30% year-on-year revenue and shipment growth in FY25, with overseas sales projected to exceed Rmb1 billion [9][3] - The company is expanding its production capabilities, including plans for a factory in the US to meet localized procurement demands [2][3] Summary by Sections Financial Performance - FY24 net profit was Rmb1.47 billion, up 22.6% year-on-year, with a gross profit margin of 27.3% in 4Q24, an increase of 3.9 percentage points quarter-on-quarter [9] - The FY24 dividend was Rmb2 per share, yielding 1.8% with a payout ratio of 36.9% [9] Market Expansion - Overseas sales are targeted to grow significantly, from Rmb574 million in 2024 to over Rmb1 billion in 2025 [3] - The Germany factory is expected to become profitable in 2Q25, while the US and Malaysia factories are anticipated to start generating sales in 2026 [3] Product Development - Kedali is focusing on humanoid robots as a significant industrial opportunity and is expanding its reducer capacity based on customer demand [4] - The company has initiated R&D on products beyond reducers, indicating a diversification strategy [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company achieved a revenue of 12.03 billion yuan in 2024, representing a year-on-year growth of 14.44%. The net profit attributable to shareholders was 1.472 billion yuan, with a year-on-year increase of 22.55% [2][3] - The company is a leader in lithium battery structural components, showcasing strong profitability and a high-quality customer base, including major clients like CATL, LG, and Tesla [4][9] - The company is expanding its production capacity both domestically and internationally, with 13 domestic and 3 European bases, enhancing its local supply capabilities [4] - The company is extending its business into the robotics sector, leveraging its expertise in precision manufacturing to create new growth opportunities [5][9] Financial Summary - In 2024, the company reported total revenue of 12.03 billion yuan, with a year-on-year growth of 14.4%. The net profit attributable to shareholders was 1.472 billion yuan, reflecting a year-on-year increase of 22.5% [11] - The projected revenues for 2025-2027 are 14.87 billion yuan, 18.12 billion yuan, and 21.88 billion yuan, with respective year-on-year growth rates of 23.6%, 21.9%, and 20.7% [9][11] - The projected net profits for the same period are 1.813 billion yuan, 2.196 billion yuan, and 2.671 billion yuan, with year-on-year growth rates of 23.2%, 21.1%, and 21.6% [9][11] - The company's gross margin is expected to improve from 24.4% in 2024 to 25.1% by 2027 [11] Business Development - The company is focusing on enhancing its robotics business through partnerships and investments in new technologies, which is expected to contribute positively to its performance [5][9] - The company is actively working on expanding its production capabilities, with ongoing projects in Shenzhen and overseas locations such as the United States and Hungary [4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's profitability exceeded expectations, with a 2024 revenue of 12.03 billion yuan, a year-on-year increase of 14.44%, and a net profit of 1.472 billion yuan, up 22.55% [1][2]. - The fourth quarter of 2024 showed strong performance despite being a traditionally weak season, with revenue of 3.438 billion yuan, a year-on-year increase of 25.32% [2]. - The company is expanding into the robotics sector, collaborating with Taiwanese firms to establish a new robotics company, showcasing rapid technological advancements [3]. - The overseas expansion is progressing well, with production bases established in Germany, Sweden, and Hungary, and plans for further capacity release based on customer demand [3]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 24.36%, an increase of 0.78 percentage points from the previous year, and a net margin of 12.2%, up 0.62 percentage points [2]. - The fourth quarter gross margin was 27.26%, reflecting a quarter-on-quarter increase of 3.85 percentage points [2]. - The company forecasts net profits of 1.802 billion yuan, 2.178 billion yuan, and 2.499 billion yuan for 2025, 2026, and 2027 respectively, with corresponding increases of 22.43%, 20.88%, and 14.74% [3][5]. Business Development - The company is developing its robotics business, launching seven new products in April 2024, focusing on high-precision gear technology [3]. - The robotics segment is expected to provide a second growth curve for the company, leveraging its existing capabilities in automation and precision manufacturing [3]. Valuation and Forecast - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18 for 2025, 15 for 2026, and 13 for 2027, indicating potential for valuation improvement [3]. - The report projects stable growth in the core structural components business, with the robotics sector expected to enhance overall profitability [3].

Core Viewpoint - The company Keda Li (科达利) has shown continuous growth in its operations, with significant increases in revenue and net profit for 2024, marking four consecutive years of double growth [1][4][6]. Financial Performance - In 2024, Keda Li achieved a revenue of 12 billion yuan, representing a year-on-year growth of 14.44%, and a net profit of 1.472 billion yuan, up 22.55% from the previous year [1][3][4]. - The company's total assets reached 19.051 billion yuan by the end of 2024, reflecting a growth of 10.62%, with a debt-to-asset ratio of 38.67% [2][6]. Business Segments - The revenue from lithium battery structural components was 11.473 billion yuan, accounting for 95.37% of total revenue, with a year-on-year growth of 14.00%. Revenue from automotive structural components was 532 million yuan, making up 4.42% of total revenue, with a growth of 24.41% [4][5]. Research and Development - Keda Li has invested a total of 2.095 billion yuan in R&D over the past four years, with annual expenditures increasing each year [3][4]. - As of the end of 2024, the company holds 522 patents, a 27.63% increase from the previous year, including 37 invention patents [4]. Strategic Initiatives - Keda Li has established two new companies in the humanoid robot sector, marking a strategic expansion into this field to create a second growth curve [1][6]. - The company has ongoing capacity expansion projects in various domestic and international locations, including a new production base in Shenzhen and plans for a facility in the United States [5][6]. Shareholder Returns - Keda Li has consistently returned value to shareholders, with cumulative cash dividends reaching 1.3 billion yuan. For 2024, the company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling approximately 543 million yuan, which is 36.88% of the net profit for the year [5][7].