Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% compared to the benchmark index [8]. Core Views - The company reported H1 2024 revenue of 5.446 billion yuan, a year-on-year increase of 10.75%, and a net profit attributable to shareholders of 648 million yuan, up 27.38% year-on-year [4]. - The company has established a comprehensive domestic production capacity and solid customer relationships, focusing on localized production to serve key lithium battery industry regions [4]. - The company is actively expanding its international market presence, with ongoing construction of production bases in Germany, Sweden, and Hungary, and has established a joint venture in the U.S. to enhance its competitive edge [4]. - The customer base includes leading firms such as CATL, Panasonic, LG, Samsung, and Tesla, which is expected to further enhance market share [4]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 12.894 billion yuan, 15.801 billion yuan, and 18.405 billion yuan, representing year-on-year growth rates of 22.66%, 22.55%, and 16.48% respectively [5]. - Net profit attributable to shareholders is forecasted at 1.338 billion yuan, 1.653 billion yuan, and 2.097 billion yuan for the same period, with growth rates of 11.44%, 23.48%, and 26.92% respectively [5]. - The corresponding price-to-earnings (P/E) ratios are projected to be 14.52, 11.76, and 9.27 for 2024, 2025, and 2026 [5].

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 科达利（002850）公司研究报告 2024 年 08 月 23 日 投资评级 优于大市 首次 覆盖 股票数据 | --- | |----------------| | 70.14 | | 56.00-122.80 | | 271/193 | | 18986/13530 | | | | ，扩产巩固龙头 | 地位》2021.08.08 [Table_QuoteInfo] 科达利 海通综指 -50.37% -39.37% -28.37% -17.37% -6.37% 4.63% 2023/8 2023/11 2024/2 2024/5 | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（%） | -10.3 | -15.3 | -29.7 | | 相对涨幅（%） | -4.6 | -10.1 | -19.7 | | 资料来源：海通证券研究所 | | | | [T ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a target price of 70.22 CNY [1][4]. Core Insights - The company has demonstrated stable profitability and is steadily advancing its overseas expansion, particularly in the lithium battery structural components sector [1][4]. - The company reported a total revenue of 5.446 billion CNY for the first half of 2024, representing a year-on-year increase of 10.75%, and a net profit attributable to shareholders of 648 million CNY, up 27.38% year-on-year [1][4]. - The gross margin for Q2 2024 was 23.82%, showing a slight increase compared to the previous year, attributed to product structure optimization and cost reduction measures [1][4]. Financial Performance - The company’s revenue for Q2 2024 reached 2.937 billion CNY, reflecting a year-on-year growth of 13.35% and a quarter-on-quarter increase of 17.11% [1][4]. - The net profit for Q2 2024 was 339 million CNY, which is a 27.03% increase year-on-year and a 10.02% increase quarter-on-quarter [1][4]. - Research and development (R&D) expenses amounted to 293 million CNY in the reporting period, marking a 13.41% increase year-on-year, indicating a commitment to innovation and product development [1][4]. Market Expansion - The company is establishing a production base in the United States, which is expected to begin releasing capacity next year, enhancing its presence in the overseas market [1][4]. - The overseas revenue for the first half of 2024 was 295 million CNY, accounting for 5.42% of total revenue, indicating the company's growing international footprint [1][4]. Future Projections - The report projects the company's net profit attributable to shareholders to be 1.381 billion CNY, 1.652 billion CNY, and 1.989 billion CNY for the years 2024, 2025, and 2026 respectively, reflecting an upward revision from previous estimates [4][5]. - The expected price-to-earnings (P/E) ratios for the same years are 13.8, 11.5, and 9.6 times, suggesting a favorable valuation outlook [4][5].

证券研究报告 | --- | --- | |----------|-------------| | | | | 科达利 | (002850.SZ) | | 投资评级 | 买入 | | | | [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业研究助 理 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127金隅大厦B座 邮编：100031 [Table_Title] 盈利能力稳健，国内外产能逐步释放 [Table_ReportDate] 2024 年 8 月 22 日 [Table_S 事件：公司ummar202y]4H1 实现营业收入 54 亿元，同比+10.75%；归母净利润 6.48 亿元，同比+27.38%；实现扣非归母净利润 6.28 亿元，同比+26.68%。 2024Q2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is robust, with accelerated domestic and international expansion [1] - In the first half of 2024, the company achieved revenue of 5.45 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 650 million yuan, up 27.4% year-on-year [6] - The company continues to enhance its production capacity in the power battery sector, with overseas bases gradually becoming profitable [6] - The company is expected to maintain a high level of profitability, with adjusted net profit forecasts for 2024, 2025, and 2026 being 1.41 billion, 1.70 billion, and 2.06 billion yuan respectively [6] Financial Performance - The company reported a gross margin of 23.06% in the first half of 2024, remaining stable year-on-year, with a gross margin of 23.61% in the lithium battery structural components business [6] - Operating cash flow for the first half of 2024 was 1.92 billion yuan, a significant increase of 235% year-on-year [6] - The company has a total market capitalization of 19 billion yuan and a circulating market capitalization of 13.5 billion yuan [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 10.51 billion, 13.24 billion, and 16.17 billion yuan respectively, with year-on-year growth rates of 26.0%, 22.1%, and 20.0% [7] - The net profit attributable to shareholders is projected to grow to 1.41 billion yuan in 2024, 1.70 billion yuan in 2025, and 2.06 billion yuan in 2026, with corresponding year-on-year growth rates of 17.4%, 20.4%, and 21.3% [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a net profit attributable to shareholders of RMB 648 million for the first half of 2024, representing a year-on-year growth of 27.38% [3]. - Revenue for the first half of 2024 reached RMB 5.45 billion, an increase of 10.75% compared to the same period last year [3]. - The company is focused on cost reduction and efficiency improvement, with a gross profit margin of 23.06% and a net profit margin of 11.87% for the first half of 2024 [3][5]. - The company is expanding its production capacity with new projects in Shenzhen and the United States, which will enhance its future growth potential [3][4]. - The company is also diversifying into humanoid robot components, which is expected to become a new growth driver [3]. Financial Summary - For the first half of 2024, the company achieved a gross profit of RMB 1.26 billion, with a gross profit margin of 23.06% [5]. - The net profit for the second quarter of 2024 was RMB 339 million, showing a year-on-year increase of 27.03% and a quarter-on-quarter increase of 10.02% [3][5]. - The company’s projected earnings per share (EPS) for 2024-2026 are RMB 5.19, RMB 6.34, and RMB 7.86, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 8.9 [4][6]. - The company’s total revenue is expected to grow from RMB 12.8 billion in 2024 to RMB 19.6 billion in 2026, with a compound annual growth rate (CAGR) of approximately 22% [4][6].

证券研究报告 2024 年 08 月 19 日 评级 买入 | --- | --- | |---------------------|--------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 71.05 | | 52 周价格区间（元） | 58.03-120.76 | | 总市值（百万） | 19232.00 | | 流通市值（百万） | 13705.20 | | 总股本（万股） | 27068.20 | | 流通股（万股） | 19289.50 | 涨跌幅比较 科达利 电池 -52% -32% -12% 8% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 科达利 -8.44 -24.24 -42.48 电池 -4.22 -16.80 -36.91 1 科达利（002850.SZ）公司点评：投建美国基 地，加速市场拓展 2024-05-22 电力设备｜ 电池 盈利能力保持韧性，业务稳定增长 公司点评 ...

| 证券代码：002850 | 证券简称：科达利 公告编号：2024-071 | | --- | --- | | 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 关于全资子公司山东科达利完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市科达利实业股份有限公司（以下简称"公司"）全资子公司山东科达 利精密工业有限公司（以下简称"山东科达利"）因实际经营需要，经管理层决 策，公司法定代表人由原励建炬先生变更为黎安明先生。 近日，山东科达利完成了相关工商变更登记手续，变更后的登记信息如下： 名称：山东科达利精密工业有限公司 统一社会信用代码：91370400MABWCN151J 类型：有限责任公司（非自然人投资或控股的法人独资） 法定代表人：黎安明 注册资本：人民币壹亿元整 成立日期：2022 年 8 月 18 日 经营范围：一般项目：模具制造；模具销售；电池零配件生产；电池零配件 销售；汽车零部件及配件制造；汽车零配件批发；汽车零配件零售；五金产品制 造；五金产品批发；五金产品零售；塑料制品销售；货物进 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -51% -40% -29% -19% -8% 3% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 科达利 深证成指 [Table_Report] 相关报告 业绩符合预期，盈利韧性强劲 科达利(002850) [Table_Industry] 资本货物/工业 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 92.52 | | | 上次预测: | 111.06 | | [当前价格： Table_CurPrice] | | 73.13 | [table_Authors] 庞钧文(分析师) ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 5.446 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 648 million yuan, up 27.4% year-on-year [5]. - The company has a strong customer base, including major domestic and international manufacturers, and is expanding its overseas production capacity [5]. - The company is actively pursuing business expansion in the humanoid robot sector, which is expected to contribute to future profit growth [5]. Financial Performance Summary - In the first half of 2024, the company achieved a gross margin of 23.06% and a net margin of 11.87% [5]. - The company’s capital expenditure in the first half of 2024 was 640 million yuan, a decrease of 48.7% year-on-year [5]. - The company’s total revenue is projected to reach 12.799 billion yuan in 2024, with a year-on-year growth rate of 21.8% [6]. Profitability Forecast - The forecasted net profit for 2024 is 1.416 billion yuan, with a year-on-year growth rate of 17.9% [6]. - The earnings per share (EPS) for 2024 is estimated to be 5.23 yuan [6]. - The company is expected to maintain a return on equity (ROE) of 12.5% in 2024 [6].