KDL(002850) 中银证券·2024-08-21 06:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a net profit attributable to shareholders of RMB 648 million for the first half of 2024, representing a year-on-year growth of 27.38% [3]. - Revenue for the first half of 2024 reached RMB 5.45 billion, an increase of 10.75% compared to the same period last year [3]. - The company is focused on cost reduction and efficiency improvement, with a gross profit margin of 23.06% and a net profit margin of 11.87% for the first half of 2024 [3][5]. - The company is expanding its production capacity with new projects in Shenzhen and the United States, which will enhance its future growth potential [3][4]. - The company is also diversifying into humanoid robot components, which is expected to become a new growth driver [3]. Financial Summary - For the first half of 2024, the company achieved a gross profit of RMB 1.26 billion, with a gross profit margin of 23.06% [5]. - The net profit for the second quarter of 2024 was RMB 339 million, showing a year-on-year increase of 27.03% and a quarter-on-quarter increase of 10.02% [3][5]. - The company’s projected earnings per share (EPS) for 2024-2026 are RMB 5.19, RMB 6.34, and RMB 7.86, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 8.9 [4][6]. - The company’s total revenue is expected to grow from RMB 12.8 billion in 2024 to RMB 19.6 billion in 2026, with a compound annual growth rate (CAGR) of approximately 22% [4][6].