KDL(SZ:002850) Zheng Quan Zhi Xing·2025-06-26 16:06Core Viewpoint - The credit rating of Shenzhen Keda Li Industrial Co., Ltd. remains stable at AA, reflecting its leading position in the lithium battery precision structural components industry and strong financial performance despite facing pricing pressures and high customer concentration risks [4][9][10]. Financial Performance - Total assets increased from 172.22 billion in 2022 to 199.53 billion in 2025, while total liabilities rose from 42.61 billion to 50.76 billion during the same period [4][5]. - Operating revenue grew from 86.54 billion in 2022 to 120.30 billion in 2024, with net profit increasing from 9.13 billion to 14.68 billion [4][5]. - The company reported a significant net cash inflow from operating activities, contributing to a strong cash position and low leverage ratios [7][8]. Market Position and Competitive Advantage - The company benefits from a high demand for lithium battery precision structural components driven by the growth of the new energy vehicle market, with a projected revenue increase of 14.44% in 2024 [6][15]. - Keda Li has established stable relationships with leading clients in the battery manufacturing sector, including CATL and Tesla, enhancing customer loyalty [6][20]. - The company maintains a strong R&D capability, with a focus on innovation in safety, reliability, and lightweight materials, holding 522 patents as of 2024 [11][17]. Risks and Challenges - The company faces pricing pressure on its products due to the strong cost-cutting demands from automotive manufacturers and a slowdown in global battery installation growth [8][15]. - High customer concentration remains a risk, with the top client accounting for over 30% of sales, which could impact financial performance if their situation changes [8][20]. - The company is expanding its production capacity significantly, with over 28 billion in investments planned, raising concerns about the ability to fully utilize this capacity amid a competitive market [8][17]. Industry Outlook - The lithium battery precision structural components market is expected to continue growing, supported by government policies and increasing penetration of new energy vehicles [12][15]. - The global battery installation volume is projected to reach 894.4 GWh in 2024, indicating a 27.2% year-on-year growth, although the growth rate is slowing [12][14]. - The industry is characterized by a high concentration of leading manufacturers, with the top ten companies holding a market share of 67.1% [12][14].