KDL(002850) 国联证券·2024-08-19 01:41Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7]. Core Views - The company maintains robust profitability despite a product price decline cycle, focusing on cost reduction and operational efficiency, with a steady profit level in H1 2024 [2][6]. - As a leader in lithium battery precision components, the company is successfully expanding its overseas bases, with new businesses expected to contribute to new growth points [2][6]. - The company reported H1 2024 revenue of 5.446 billion yuan, a year-on-year increase of 10.75%, and a net profit attributable to shareholders of 648 million yuan, up 27.38% year-on-year [6]. Financial Performance - In Q2 2024, the company achieved revenue of 2.937 billion yuan, a year-on-year increase of 13.36% and a quarter-on-quarter increase of 17.09%, with a net profit of 339 million yuan, up 27.03% year-on-year and 10.02% quarter-on-quarter [6]. - The gross margin for lithium battery structural components in H1 2024 was 23.61%, a slight increase of 0.05 percentage points year-on-year [6]. - The company’s overseas revenue reached 295 million yuan in H1 2024, a year-on-year increase of 11.38%, with production bases in Hungary and Sweden already operational [6]. Future Outlook - Revenue projections for 2024-2026 are 12.346 billion yuan, 14.846 billion yuan, and 17.822 billion yuan, with year-on-year growth rates of 17.46%, 20.25%, and 20.05% respectively [7][8]. - Net profit forecasts for the same period are 1.423 billion yuan, 1.742 billion yuan, and 2.119 billion yuan, with growth rates of 18.46%, 22.43%, and 21.65% respectively [7][8]. - The company plans to invest in a joint venture with two Taiwanese companies to develop key components for humanoid robots, leveraging its design and manufacturing expertise [6].