IKD(SH:600933) Dongxing Securities·2024-07-12 11:00Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company has experienced rapid revenue growth driven by the expansion of traditional small parts and the development of new energy medium and large parts. Revenue growth rates for 2021-2023 were 23.75%, 33.05%, and 39.67%, respectively, with a 30.69% year-on-year growth in Q1 2024 [1][2]. - The automotive segment has also seen significant sales growth, with product sales increasing by 69.6% in 2022 and 65.2% in 2023. The average selling prices for automotive products were 13.4 yuan/piece and 11.8 yuan/piece, respectively [1]. - The company is enhancing its market share in various small and medium-sized components, which are considered "invisible champions" in the automotive sector, providing a competitive edge in efficiency and cost [1]. - The new energy vehicle (NEV) segment is steadily advancing, with NEV-related products accounting for approximately 30% of sales in 2023. The company expects that 90% of the projected sales revenue from its aluminum die-casting segment will come from NEV projects [1][2]. Financial Performance Summary - The company’s revenue for 2022 was 4,265.24 million yuan, with a growth rate of 33.05%. For 2023, revenue reached 5,957.28 million yuan, growing by 39.67%. Projections for 2024-2026 indicate revenues of 7,587.93 million yuan, 9,593.37 million yuan, and 11,868.22 million yuan, respectively, with growth rates of 27.37%, 26.43%, and 23.71% [3][10]. - The net profit for 2022 was 648.54 million yuan, increasing to 913.40 million yuan in 2023. Forecasts for net profit in 2024-2026 are 1,146.23 million yuan, 1,417.47 million yuan, and 1,789.54 million yuan, respectively [3][10]. - The company’s earnings per share (EPS) are projected to be 1.17 yuan, 1.45 yuan, and 1.83 yuan for 2024, 2025, and 2026, respectively [2][10]. Operational Efficiency - The company has successfully established a production base in Mexico, which began operations in July 2023, and is currently constructing a second phase for NEV structural components, expected to be operational by 2025 [1]. - The company’s inventory turnover days improved to 80 days in 2023, down from 97 days in 2022, indicating enhanced operational efficiency [1].