KEBODA(SH:603786) Minsheng Securities·2024-07-17 02:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 53.57 yuan per share [2][4]. Core Insights - The company is expected to achieve revenue of 26.50 to 28.40 billion yuan in H1 2024, representing a year-on-year increase of 35% to 45%. The net profit attributable to shareholders is projected to be between 3.58 to 3.85 billion yuan, reflecting a year-on-year growth of 30% to 40% [2]. - The company focuses on core control technologies in automotive electronics and is one of the few Chinese enterprises deeply integrated into the global high-end automotive brand system. It has a diverse product range exceeding 100 types, serving major clients like Volkswagen Group and Daimler [3]. - The company is transitioning from lighting control to domain control, positioning itself as a platform-type automotive electronics supplier. It has made significant strides in domain controller products, with mass production already underway [3]. - The company has established a strong market presence with major clients in the new energy vehicle sector, including leading domestic and international brands, and is expected to enhance its supply categories and cooperation depth with these key clients [3]. Financial Projections - Revenue is projected to grow from 64.31 billion yuan in 2024 to 98.62 billion yuan in 2026, with net profit increasing from 8.43 billion yuan to 14.05 billion yuan over the same period. The corresponding EPS is expected to rise from 2.09 yuan to 3.48 yuan [4][5]. - The company’s revenue growth rates are forecasted at 39.0% for 2024, 22.3% for 2025, and 25.4% for 2026, while net profit growth rates are expected to be 38.4%, 29.2%, and 29.0% respectively [7]. - Key financial metrics indicate a stable increase in gross margin from 30.95% in 2024 to 31.61% in 2026, and net profit margin improving from 13.10% to 14.25% over the same period [7].