KDL(002850) 申万宏源·2024-08-19 06:49Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 5.446 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 648 million yuan, up 27.4% year-on-year [5]. - The company has a strong customer base, including major domestic and international manufacturers, and is expanding its overseas production capacity [5]. - The company is actively pursuing business expansion in the humanoid robot sector, which is expected to contribute to future profit growth [5]. Financial Performance Summary - In the first half of 2024, the company achieved a gross margin of 23.06% and a net margin of 11.87% [5]. - The company’s capital expenditure in the first half of 2024 was 640 million yuan, a decrease of 48.7% year-on-year [5]. - The company’s total revenue is projected to reach 12.799 billion yuan in 2024, with a year-on-year growth rate of 21.8% [6]. Profitability Forecast - The forecasted net profit for 2024 is 1.416 billion yuan, with a year-on-year growth rate of 17.9% [6]. - The earnings per share (EPS) for 2024 is estimated to be 5.23 yuan [6]. - The company is expected to maintain a return on equity (ROE) of 12.5% in 2024 [6].