Kaizhong Precision(SZ:002823) Xin Lang Cai Jing·2025-04-18 10:39Core Viewpoint - The company's new energy vehicle (NEV) component business is entering a growth phase, with expectations for continued performance improvement through 2025 [1] Investment Highlights - The NEV component business is showing strong competitiveness, leading to an adjustment in the EPS forecast for 2025-2026 to 0.76/0.86 yuan (previously 0.83/0.98 yuan), with a new 2027 EPS forecast of 1.03 yuan [2] - The target price has been lowered to 15.39 yuan, based on a 20.25 times PE ratio, maintaining a "buy" rating [2] - The company reported a revenue of 3.05 billion yuan (+0.85%) and a net profit of 170 million yuan (+121.73%), with a gross margin of 17.71% (+3.03 percentage points) and a net margin of 5.58% (+3.04 percentage points) [2] Business Development - The traditional business is steadily growing, while the NEV component business achieved a revenue of 880 million yuan (+17.72%), expected to further expand in 2025 [3] - The company has established strong relationships with major domestic and international automotive clients, including Bosch, Daimler, Denso, ZF, and Mahle, ensuring long-term cooperation [3] - Continuous investment in technology R&D has led to the acquisition of 38 new patents in 2024, enhancing the company's product offerings [3]