Investment Rating - The report maintains a "Buy" rating for the company Keda Li (002850.SZ) [2] Core Views - The company reported strong performance in Q2, showcasing resilience in profitability, with expected net profit for Q2 2024 projected between 610 million to 680 million yuan, representing a year-on-year growth of 19.9% to 33.65% [2][3] - The growth is attributed to sustained high demand in downstream markets, particularly in the power and energy storage battery sectors, with China's power battery sales reaching 318.1 GWh in the first half of 2024, a year-on-year increase of 26.6% [2] - The company is accelerating its global capacity layout, having established 13 production bases in key regions of China's lithium battery industry and plans to invest up to 49 million USD in a new production base in the U.S. [2][3] Summary by Sections Financial Performance - The company expects to achieve a net profit of 3.01 to 3.71 billion yuan in Q2 2024, with a non-recurring net profit of 2.95 to 3.65 billion yuan, both showing significant year-on-year growth [2] - The net profit for 2024, 2025, and 2026 is projected to be 14 billion, 18 billion, and 21 billion yuan respectively, with corresponding EPS of 5.25, 6.55, and 7.90 yuan [4][5] Market Position and Strategy - The company has established a strategic production base close to major clients, reducing logistics costs and enhancing service efficiency, with clients including leading battery and automotive manufacturers [2] - The report highlights the company's ongoing efforts to reduce costs and improve operational efficiency, contributing to stable profit growth despite a challenging industry backdrop [2] Future Outlook - The company is expected to continue its robust growth trajectory, with revenue projected to increase from 10.51 billion yuan in 2023 to 19.07 billion yuan by 2026, reflecting a compound annual growth rate of 19% [4][5] - The report emphasizes the company's strong competitive advantages and stable growth prospects, reinforcing the positive outlook for its long-term development [2][3]

证券研究报告 | 2024年07月17日 科达利(002850.SZ) 优于大市 业绩增长稳定,关注公司机器人业务进展 公司 2024 上半年实现归母净利润 6.1-6.8 亿元,同比+19.9%-33.7%。公司 预告 2024 年上半年实现归母净利润 6.1-6.8 亿元,同比+19.9%-33.7%,实 现扣非净利润 5.9-6.6 亿元,同比+20%-33%,对应 Q2 实现归母净利润 3.01 亿元-3.71 亿元,同比+12.8%-39%,环比-2.6%至+20%,Q2 实现扣非净利润 2.95-3.65 亿元,同比+11.7%-38%,环比+0%-24%。 公司结构件盈利能力整体维持稳定。我们估计公司 Q2 收入约 30 亿元,同比 +16%,环比+20%,按利润预告中值计算,公司 Q2 净利率约 11.2%,环比约 -1pct。公司业绩增长一方面来自于动力电池精密结构件的订单持续增加, 另一方面公司深化降本增效,在成本挖潜、提升运营效率方面持续发力以缓 解可能存在的产品价格下降风险,维持高利润率。 公司持续推进全球化布局。公司海外布局领先于行业,除德国、匈牙利、瑞 典三大基地外,公司 5 月公 ...

科达利(002850) 证券研究报告 2024 年 07 月 17 日 公 司 报 告│ 公 司 点 评 研 究 事件: 盈利逆势增长,出海与新业务开启成长空间 公司发布 2024 年半年度业绩预增公告,预计 2024 年上半年公司实现归母 净利润 6.1-6.8 亿元,同比+19.90%至+33.65%;预计实现扣非净利润 5.9- 6.6 亿元,同比+18.96%至+33.07%。预计 2024Q2 实现归母净利润 3.01-3.71 亿元,同比+12.80%至+39.00%,环比-2.33%至+20.35%;实现扣非净利润 2.95-3.65 亿元,同比+11.84%至+38.39%,环比-0.14%至 23.58%。 ➢ Q2 业绩同比保持增长,盈利逆势上行。 在行业降价阶段,我们认为公司 2024 年整体盈利逆势提升的原因为:1) 公司控费管理逐步见效:2019 年至 2024Q1 公司整体费用率呈下降趋势, 与同业公司相比处于地位,我们预计 2024Q2 费用率维持在 8-10%的低位。 2)公司降本策略见效,公司通过与上游签订独家供应协议、动态筛选淘汰 等策略降低原材料成本,同时提升产品良率、优 ...

Investment Rating - Buy (Maintained) [1] Core Views - 24H1 performance slightly exceeded market expectations with a net profit attributable to the parent company of 610-680 million yuan, a year-on-year increase of 20%-34% [2] - Q2 net profit attributable to the parent company was 300-370 million yuan, a year-on-year increase of 13%-39%, with a median of 340 million yuan, up 3% year-on-year and 19% quarter-on-quarter [2] - Q2 revenue is expected to grow by more than 20% quarter-on-quarter, with full-year revenue growth expected to be over 20% [3] - Despite rising raw material costs in Q2, profitability exceeded expectations with a net profit margin of 11%, only a 1 percentage point decrease from Q1 [3] - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 1.45/1.83/2.24 billion yuan, with year-on-year growth of 20%/26%/23%, and a target price of 134 yuan based on a 25x PE for 2024 [3] Financial Performance and Valuation - 2024E revenue is projected to be 13.23 billion yuan, a year-on-year increase of 25.87%, with net profit attributable to the parent company of 1.45 billion yuan, up 20.49% year-on-year [2] - EPS for 2024E is forecasted at 5.35 yuan per share, with a P/E ratio of 14.52x [2] - The company's total market capitalization is 21.00 billion yuan, with a P/B ratio of 1.98x [4] - The company's net profit margin is expected to remain around 10% in Q3, supported by declining raw material prices [3] Industry and Market Context - The company is a leader in structural components, benefiting from stable product prices, improved capacity utilization, and cost control measures [3] - The company's overseas operations have started to generate profits, helping to offset the impact of rising raw material costs [3] - The aluminum price, which had risen by more than 10% in Q2, began to decline in June, with a 10% drop from the May peak, which is expected to support profitability in Q3 [3] Historical and Projected Financials - 2023A revenue was 10.51 billion yuan, with net profit attributable to the parent company of 1.20 billion yuan, a year-on-year increase of 33.47% [2] - 2025E revenue is projected to be 16.55 billion yuan, with net profit attributable to the parent company of 1.83 billion yuan, a year-on-year increase of 26.25% [2] - The company's ROE is expected to be 10.76% in 2025E, with a P/E ratio of 11.50x [8]

2024 4 07 月 15 日 外交利 (002850.SZ 业绩符合预期,盈利能力维持强强 业绩简评 7 月 15 日,公司发布 24H1 中报业绩预告。公司 24H1 预计归导弹 利润 6.1-6.8 亿元,同比+19.90%~33.65%,预计杂非归寻净利润 5.9–6.6 亿元,同比+18.96–33.07%。单 02,预计归母净利润 3.01– 3. 71 亿元,环比-2. 3%~+20. 4%,预计指非归寻净利润 2. 95-3. 65 亿元,环比-0. 2%~+23. 5%。 经营分析 1、24H1 盈利增长符合预期。需求端,24H1 国内动力+其他电池产 墅同比+37%,维持高增,考虑到: ①01 的产品年降; ②H1 的铜、 铝等原材材上涨 (铝/铜 02 环比 01 均价上涨约 8%/15%,对毛利率 构成不利影响);③02 稼动率有望較 01 提升,巩固盈利能力,公 司整体盈利增长伪符合预期,利润率保持坚韧。 2、24H2 展望:行业改函对竞争,公司通过持续精益管理有望巩固 业绩。市场欢担心结构件面对价格下行压力,公司拥有行业领先的 客户结构、管理&生产效率,有望通过多元的客户分布、内 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between RMB 610 million and RMB 680 million for the first half of 2024, representing a year-on-year growth of 19.90% to 33.65% compared to RMB 508.78 million in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between RMB 590 million and RMB 660 million, indicating a year-on-year increase of 18.96% to 33.07% from RMB 495.98 million last year[3]. - Basic earnings per share are anticipated to be between RMB 2.26 and RMB 2.52, compared to RMB 2.17 per share in the same period last year[3]. Growth Drivers - The growth in performance is attributed to the continuous increase in sales of new energy vehicles, which has driven the demand for precision structural components for power batteries[4]. - The company has focused on cost reduction and efficiency improvement, contributing to stable profit growth during the reporting period[4]. Financial Reporting - The financial data presented is preliminary and has not been audited, with the final figures to be confirmed in the 2024 semi-annual financial report[5].

Summary of the Conference Call on Keda Li Company Company Overview - Keda Li is recognized as a leading enterprise in the structural components industry, particularly focusing on lithium battery precision structural components and automotive structural components, establishing itself as an industry leader [2][3] - The company has a strong research and development (R&D) capability, with an R&D expense ratio exceeding 6% [3] Industry Insights - The structural components industry is experiencing significant growth due to the rapid advancement in battery technology, particularly in the lithium battery sector [2] - The demand for structural components is driven by the increasing penetration of electric vehicles (EVs) and the need for energy storage solutions [7][10] Financial Performance - Keda Li's revenue from structural components has shown substantial growth, with production volumes increasing from 25.422 billion units in 2021 to 37.26 billion units in 2023, reflecting year-on-year growth rates of 107.15%, 43.57%, and 2.07% respectively [7] - The company maintains a strong customer base, with its largest client, CATL, accounting for over 35% of sales [3] Market Position - Keda Li has established 13 production bases domestically and three internationally, solidifying its position as the market leader in structural components [8] - The company has a stable shareholding structure, with the actual controllers holding nearly 40% of the shares, which supports consistent operational strategies [5] R&D and Innovation - The company has been increasing its R&D investments, with a focus on developing new product lines and enhancing existing technologies [30] - As of the end of 2023, Keda Li holds 409 patents, significantly outpacing competitors in the industry [31] Future Growth Prospects - The global demand for lithium batteries is projected to reach 2,442 GWh by 2026, with the structural components market expected to grow to 51.5 billion, 59.7 billion, and 70.4 billion yuan in the next three years [16] - Keda Li is also expanding into the robotics sector, which is anticipated to contribute to revenue starting in 2025 [44] Risks and Challenges - Potential risks include lower-than-expected sales of electric vehicles, changes in government policies, and challenges in the development of new business lines [46] Conclusion - Keda Li is well-positioned to maintain its competitive edge in the structural components market, with strong growth prospects driven by technological advancements and increasing demand in the EV sector [47]

科达利 20240710_原文 2024年07月11日 22:46 发言人 00:00 我们认为它其实在这个结构件领域，其实是非常优秀质的这种龙头企业。作为这个结构件行业翘楚，我们 认为未来是有非常强的一个成长空间，今天我们结合PT来进行详细的一个分享。然后我们分享主要分三个 部分，一个是公司它的一个发展的历程，然后再是就是下游的行业的景气度的判断，第三是公司在业务发 展取得的一些突破，以及未来的一个发展方向。 发言人 00:31 公司作为结构件行业龙头企业的话，其实在多年来专注于锂电池精密结构件和汽车结构件的研发及制造， 已经成为行业的领头羊。然后这个业务，也是处于行业的一个首位的位置，为下游的电池技术，其实现在 正在处于一个加速的这样一个更新迭代期。所以公司它多项的这种技术储备以及研发的这种能力优势，我 们认为将在未来发挥越来越大的作。 发言人 01:00 然后公司的话现在的这整体的研发实力，是属于行业的一个领先的一个水平。研发费用率是达到6%以上的 水平。然后他的优质客户的资源会成为公司发展的非常重要的一个支撑力量。公司第一大客户是宁德时代 这个销售占比维持在35%以上。公司的整体的经营能力也在不断的提 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the lithium battery precision structural components industry [7]. Core Viewpoints - The company has established itself as a leader in the precision structural components industry, focusing on lithium battery components and automotive structural parts, with a strong growth trajectory supported by technological and customer advantages [2][12]. - The report anticipates significant growth in the global precision structural components market, driven by the demand for new energy vehicles and policy support, with projected market sizes of 51.5 billion, 59.7 billion, and 70.4 billion yuan from 2024 to 2026, representing a CAGR of 19% [4]. - The company is expected to benefit from its technological advancements, customer relationships, and management efficiency, leading to improved profitability despite industry challenges [5][6]. Summary by Sections Company Overview - The company has been a pioneer in the domestic precision structural components industry, with a focus on lithium battery components since its inception [19]. - It has expanded its product offerings to cover various types of battery structures, including cylindrical and square batteries, and has established a strong customer base [26][30]. Market Dynamics - The demand for precision structural components is expected to rise due to the ongoing growth in new energy vehicle sales, with a reported 32.5% year-on-year increase in sales in the first five months of 2024 [37]. - The report highlights the favorable policies supporting the growth of the lithium battery market, including subsidies for new energy vehicles and tax exemptions [40][41]. Financial Projections - The company is projected to achieve revenues of 13.136 billion, 15.888 billion, and 19.176 billion yuan from 2024 to 2026, with year-on-year growth rates of 24.97%, 20.95%, and 20.70% respectively [7][15]. - Net profits are expected to reach 1.435 billion, 1.730 billion, and 2.113 billion yuan over the same period, with corresponding growth rates of 19.47%, 20.60%, and 22.14% [7][15].

关于 2024 年第二季度可转债转股情况的公告 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。 特别提示： | 证券代码：002850 | 证券简称：科达利 | 公告编号：2024-053 | | --- | --- | --- | | 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 | 股票代码：002850 | | | | | 股票简称：科达利 | | --- | --- | --- | --- | --- | --- | | 债券代码：127066 | | | | | 债券简称：科利转债 | | 当前转股价格：人民币 | | 150.70 | | 元/股 | | | 转股起始时间：2023 1 | 年 | 月 | 16 | 日 | | | 转股截止时间：2028 7 | 年 | 月 | 7 | 日 | | | 转股股份来源：新增股份 | | | | | | 根据《深圳证券交易所股票上市规则》《深圳证券交易所可转换公司债券业 务实施细则》的有关规定，深圳市科达利实业股份有限公司（以下简称"公司"） 就 2024 年第二 ...