IKD(SH:600933) Xin Lang Cai Jing·2025-05-09 00:32Financial Performance - The company's Q1 revenue reached 1.666 billion yuan, representing a year-on-year increase of 1.4% [1] - The net profit attributable to the parent company was 257 million yuan, up 10.9% year-on-year, while the net profit excluding non-recurring items was 236 million yuan, reflecting a 6.6% increase [1] - The gross margin for Q1 was 28.7%, a decrease of 0.4 percentage points year-on-year, indicating stable gross margins due to improved cost control [1] - Operating cash flow net amount was 490 million yuan, showing a significant year-on-year growth of 37.4% due to increased cash receipts from sales [1] Strategic Developments - The company expects limited impact from tariffs, with a low percentage of direct exports to the U.S. and plans to gradually shift production capacity to its Mexico factory to mitigate tariff effects [2] - The Mexico Phase I factory is projected to turn profitable in 2024, while Phase II is expected to commence production in Q2 2025, focusing on large structural components for electric vehicles and other automotive parts [2] - The company is establishing a new subsidiary for robotics technology, aiming to develop and manufacture robotic components and wearable terminal products [3] - The acquisition of 71% of Zhuolibo for 1.118 billion yuan is underway, with expected net profits of 142 million, 157 million, and 174 million yuan for 2025-2027, respectively [3] Future Projections - Forecasted net profits attributable to the parent company for 2025, 2026, and 2027 are 1.136 billion, 1.404 billion, and 1.622 billion yuan, respectively [4] - The average PE ratio for comparable companies in 2025 is estimated at 19 times, with a target price set at 21.85 yuan, maintaining a buy rating [4]