IKD(SH:600933) Xin Lang Cai Jing·2025-09-05 10:47Group 1: Financial Performance - In 1H25, the company's total revenue increased by 6.2% year-on-year to 3.45 billion yuan, accounting for approximately 45% of the previous forecast [1] - The net profit attributable to the parent company rose by 27.4% year-on-year to 570 million yuan, representing about 53% of the previous forecast [1] - In 2Q25, operating revenue grew by 11.0% year-on-year and 7.1% quarter-on-quarter to 1.78 billion yuan, while net profit attributable to the parent company surged by 44.9% year-on-year and 22.8% quarter-on-quarter to 320 million yuan [1] Group 2: Profitability Metrics - The company's gross margin in 1H25 improved by 0.6 percentage points to 29.3%, while the selling, general, and administrative (SG&A) expense ratio decreased by 0.1 percentage points to 11.8% [1] - In 2Q25, the gross margin increased by 2.1 percentage points year-on-year and 1.0 percentage point quarter-on-quarter to 29.7%, with the SG&A expense ratio declining by 0.5 percentage points year-on-year and increasing by 0.1 percentage points quarter-on-quarter to 11.9% [1] Group 3: Global Expansion and Robotics Business - The company is steadily advancing its global manufacturing network, with the second phase of the Mexico factory ramping up production for new energy vehicle structural components and three-electric system parts [2] - The Malaysia factory has commenced production of aluminum alloy raw materials and zinc alloy die-casting parts, with plans for aluminum casting production to support Southeast Asian markets and provide strategic support for after-sales in Europe and the U.S. [2] - The company announced plans to acquire 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., which is expected to enhance its automotive micro-motor technology and extend into the robotics field [2] Group 4: Future Outlook and Valuation - The company maintains a "buy" rating, with net profit forecasts for 2025, 2026, and 2027 increased by 13%, 1%, and 1% to 1.23 billion yuan, 1.42 billion yuan, and 1.63 billion yuan respectively [3] - The target price has been raised to 22.41 yuan, corresponding to an 18x PE for 2025E, reflecting the anticipated benefits from internal cost reductions and scale effects [3]