KDL(SZ:002850) CAITONG SECURITIES·2024-08-18 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with stable profit margins [1] - The company achieved revenue of 5.446 billion yuan in H1 2024, a year-on-year increase of 10.75%, and a net profit of 648 million yuan, up 27.38% year-on-year [3] - The company maintains a robust profitability despite price reductions, with a gross margin of 23.06% and a net margin of 11.87% in H1 2024 [3] - The global capacity layout supports key customers, with successful overseas base operations in Hungary and Sweden [3][4] - The company is expanding into harmonic reducers, which is expected to open a second growth curve [4] - Revenue projections for 2024-2026 are 12.695 billion yuan, 15.301 billion yuan, and 18.147 billion yuan, with corresponding net profits of 1.407 billion yuan, 1.652 billion yuan, and 1.901 billion yuan [4] Financial Performance Summary - H1 2024 revenue: 5.446 billion yuan, up 10.75% YoY - H1 2024 net profit: 648 million yuan, up 27.38% YoY - Q2 2024 revenue: 2.937 billion yuan, up 13.36% YoY, and net profit: 339 million yuan, up 27.03% YoY [3] - H1 2024 gross margin: 23.06%, net margin: 11.87% [3] - Projected revenue growth rates for 2024-2026: 20.77%, 20.53%, and 18.60% [5] - Projected net profit growth rates for 2024-2026: 17.13%, 17.46%, and 15.05% [5]