Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [10]. Core Insights - The company, Keda Li (科达利), is a leading enterprise in the global battery precision structural components sector, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries. The company has seen a sustained increase in orders while effectively controlling costs, leading to rapid growth in performance [7]. - In 2024, the company achieved a revenue of 12.03 billion yuan, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year. The gross margin was 24.36%, an increase of 0.78 percentage points year-on-year [7]. - The company is expanding into the humanoid robotics sector, establishing partnerships to create joint ventures focused on robotic joint components, which is expected to create a second growth curve for the company [7]. Summary by Sections Financial Performance - For 2024, the company reported a revenue of 12.03 billion yuan, a 14.44% increase year-on-year, and a net profit of 1.472 billion yuan, reflecting a 22.55% growth. The operating cash flow increased by 187.35% to 2.148 billion yuan [7]. - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, a 25.32% year-on-year increase, and a net profit of 455 million yuan, up 12.15% year-on-year [7]. Cost Management - The company effectively controlled its expenses, with total expense ratios decreasing by 0.54 percentage points year-on-year to 9.43%. The sales, management, R&D, and financial expense ratios were 0.37%, 2.64%, 5.32%, and 1.10%, respectively [7]. Market Position and Strategy - Keda Li has deepened its strategic partnerships with major clients such as CATL and ACC, securing a 100% supply share for certain battery components over the next five years. The company is also expanding its production capacity both domestically and internationally, with plans for new facilities in the U.S. and Malaysia [7]. - The company is focusing on high-end markets and has established multiple production bases, including 13 in China and three overseas in Germany, Sweden, and Hungary [7]. Future Outlook - The report projects earnings per share (EPS) of 6.70 yuan and 8.07 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 17 times and 14 times [7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same period was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year and 3.84 percentage points quarter-on-quarter [1]. Market Expansion - The company has strengthened relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation [2]. - A strategic cooperation agreement was signed with Inpai Battery in February 2025, securing 100% of the supply share for power and energy storage battery structural components for the next five years [2]. Production Capacity - The company is investing up to 1.2 billion yuan in a new production base for precision structural components for new energy batteries in Shenzhen [2]. - An investment of up to 49 million USD is planned for a new production base in the United States, alongside a project in Malaysia with a budget of up to 600 million yuan [2]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][11]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve for the company [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same quarter was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year, while the net margin was 13.21%, a decrease of 1.83 percentage points year-on-year [1]. Market Expansion - The company has strengthened its relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation. Additionally, it signed a strategic cooperation agreement with Inpai Battery for a 100% supply share of battery structural components over the next five years [2]. - The company is actively expanding its market presence both domestically and internationally, which is expected to enhance its profitability and competitive edge [2]. Future Projections - The company is projected to achieve revenues of 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage points year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage point year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected to be 12.03 billion yuan, representing a year-on-year growth of 14.44% [1] - The net profit attributable to shareholders is expected to reach 1.47 billion yuan in 2024, with a year-on-year increase of 22.55% [1] - The company has maintained a stable market share, with the top five customers accounting for 72% of revenue in 2024 [8] - The company is expected to achieve a revenue growth of 20-30% in structural components in 2025, driven by stable lithium battery demand [8] - The company has a strong cash flow position, with operating cash flow of 2.15 billion yuan in 2024, up 187.3% year-on-year [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 10.51 billion yuan - 2024: 12.03 billion yuan - 2025: 14.69 billion yuan - 2026: 17.18 billion yuan - 2027: 20.07 billion yuan [1] - Net profit projections are as follows: - 2023: 1.20 billion yuan - 2024: 1.47 billion yuan - 2025: 1.88 billion yuan - 2026: 2.32 billion yuan - 2027: 2.79 billion yuan [1] - The company's earnings per share (EPS) are projected to be: - 2024: 5.38 yuan - 2025: 6.86 yuan - 2026: 8.50 yuan - 2027: 10.20 yuan [1] Market Data - The closing price of the company's stock is 113.12 yuan [5] - The market capitalization is approximately 30.94 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 25.76 for 2023 and decrease to 11.09 by 2027 [1]

2024 年年报点评：利润再超预期，盈利水平 持续亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,511 | 12,030 | 14,690 | 17,181 | 20,067 | | 同比（%） | 21.47 | 14.44 | 22.11 | 16.95 | 16.80 | | 归母净利润（百万元） | 1,201 | 1,472 | 1,876 | 2,324 | 2,789 | | 同比（%） | 33.47 | 22.55 | 27.51 | 23.86 | 20.00 | | EPS-最新摊薄（元/股） | 4.39 | 5.38 | 6.86 | 8.50 | 10.20 | | P/E（现价&最新摊薄） | 25.76 | 21.02 | 16.49 | 13.31 | 11.09 | 证券研究报告·公司点评报告·电池 科达利（002850） [Table_Tag] [Table_S ...

债券代码：127066 债券简称：科利转债 证券代码：002850 证券简称：科达利 深圳市科达利实业股份有限公司投资者关系活动记录表 编号：2025-005 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | √其他 （电话会议） 中信资管、中信建投、盈峰资本、华泰证券、摩根基金、东方基金、 | | | 开源证券、摩根士丹利、浙商证券、华夏基金、工银瑞信、长江证 | | 参与单位名称 | 券、天风证券、中金公司、中银国际、高毅资产、中欧基金、汇添 | | 及人员姓名 | 富基金、东吴证券、东方阿尔法基金、招商基金、博时基金、高盛、 | | | JK Capital、Point72、正心谷资本、Willing Capital、路博迈、建信 | | | 资管等 253 家机构和个人投资者参加本次电话会议。 | | 时间 | 年 月 日 2025 4 17 20:30 | | 地点 | 电话会议 | | 上市公司接待 | 总裁励建炬先生、财务总监石会峰先生、董事会秘书 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002850 证券简称：科达利 公告编号：2025-009 债券代码：127066 债券简称：科利转债 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据深圳证券交易所《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指南第2号——公告格式》等有关规定，深圳市科达利实业股份有 限公司（以下简称"公司"或"本公司"）2024年度募集资金存放与使用情况的专项报告如下： 一、募集资金基本情况 （一）募集资金金额和资金到账时间 1、2020年非公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准深圳市科达利实业股份有限公司非公开发行股票的批复》（证监 许可〔2020〕2126号）文核准，并经深圳证券交易所同意，本公司获准向特定投资者以定向增发方式发 行人民币普通股（A股）股票不超过4,000万股。根据投资者最终的认购情况，本公司实际向特定投资者 非公开发行人民币普通股（A股）股票22,920,451股，新增股份每股面值1元，发行价为每股人民币60 ...

Summary of KODALI Conference Call Company Overview - **Company**: KODALI - **Industry**: Robotics and Structural Components Key Points Financial Performance - KODALI achieved a revenue of 12 billion yuan in 2024, representing a year-on-year growth of 14.44% and a net profit of 1.47 billion yuan, up 22.55% [3] - The company plans to distribute a cash dividend of 20 yuan for every 10 shares [3] Gross Margin and Profitability - The gross margin significantly improved to 27-28% in Q4, attributed to increased capacity utilization, strong performance from quality customers, and management optimization [1][4] - KODALI aims to maintain a similar average gross margin for the entire year of 2025 [1][4] Business Growth Projections - For Q1 and the full year of 2025, KODALI expects continued growth in structural components, with a revenue growth target of 20%-30% [1][8] - The company anticipates strong performance in the structural components business, with specific growth targets higher than those of 2024 [2][8] International Operations - KODALI's European factories (Sweden, Hungary, Germany) generated several hundred million yuan in total revenue in 2024 but did not achieve profitability, with losses expected to improve starting in 2025 [1][12] - The company is on track to begin production in the U.S. by 2026, with no impact from tariffs on products exported to the U.S. [1][15][18] Product Development and Market Position - KODALI has launched a new type of harmonic reducer made from P materials, which offers advantages in weight and torque, enhancing market competitiveness [1][25] - The company is actively engaging with multiple domestic and international clients regarding new product samples, particularly in the North American market [6][7] Customer and Market Dynamics - The company maintains a positive outlook for its overseas market growth, with expectations of revenue exceeding 1 billion yuan [10] - KODALI's direct sales to the U.S. market account for 1%-2% of total sales, with no significant impact from tariffs [27] R&D and Innovation - KODALI is focusing on R&D for new products, particularly in the robotics sector, with an expected increase in R&D expenses due to rapid product development [45] - The company is committed to customizing solutions in collaboration with clients to meet market demands [21] Challenges and Risks - The company acknowledges potential long-term impacts of tariffs on customer sales, although current operations remain unaffected [9][16] - KODALI is cautious about potential bad debt provisions related to overseas business, maintaining a conservative approach [39] Miscellaneous - The company has seen a reduction in employee numbers due to limited expansion in new capacities, with expectations for continued decreases in the following year [37] - Transportation costs have decreased due to increased local production, contributing to cost reduction efforts [36] This summary encapsulates the key insights from KODALI's conference call, highlighting financial performance, growth projections, product innovations, and market dynamics.