IKD(600933) 新浪财经·2025-04-03 12:42Core Viewpoint - The company reported a revenue increase of 13.24% year-on-year for 2024, reaching 6.746 billion yuan, while net profit grew by 2.86% to 940 million yuan, indicating stable growth despite challenges in Q4 [1] Financial Performance - In Q4 2024, the company achieved revenue of 1.772 billion yuan, reflecting a year-on-year increase of 2.86% and a quarter-on-quarter increase of 2.72% [1] - The net profit for Q4 2024 was 198 million yuan, showing a significant decline of 37.39% year-on-year and 32.29% quarter-on-quarter [1] - The company's non-recurring net profit for Q4 2024 was also 198 million yuan, down 30.81% year-on-year and 24.55% quarter-on-quarter [1] Margin Analysis - The gross margin for Q4 2024 was 23.72%, which represents a decrease of 5.69 percentage points year-on-year and 6.03 percentage points quarter-on-quarter [2] - The decline in gross margin was attributed to accounting standard adjustments and rising aluminum prices, with the average aluminum price increasing by 5% from Q3 2024 [2] Global Expansion and Strategic Initiatives - The company is rapidly advancing its global layout, with a production base in Malaysia that began producing aluminum alloy materials in July 2024 and plans for mass production of aluminum alloy products by 2025 [3] - The Malaysian facility is expected to provide stable raw material supply and support market expansion in Southeast Asia and the U.S. [3] - The Mexican factory achieved profitability in 2024, with plans for the second phase to commence production in Q2 2025 [3] - The company established a wholly-owned subsidiary focused on robotics technology, aiming to develop components and wearable equipment for industrial automation [3] - The company is also investing in magnesium alloy die-casting technology as a key future direction for automotive lightweighting and robotics [3] Profit Forecast and Investment Outlook - The company anticipates continued revenue growth, projecting main business revenues of 7.9 billion, 9.4 billion, and 11 billion yuan for 2025-2027, with year-on-year growth rates of 17%, 19%, and 17% respectively [4] - Expected net profits for the same period are 1.11 billion, 1.35 billion, and 1.55 billion yuan, with growth rates of 18%, 22%, and 15% [4] - The earnings per share (EPS) are projected to be 1.13, 1.37, and 1.57 yuan, with corresponding price-to-earnings (PE) ratios of 15, 12, and 11 times [4]