KDL(SZ:002850) Huaan Securities·2024-08-21 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is robust, with accelerated domestic and international expansion [1] - In the first half of 2024, the company achieved revenue of 5.45 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 650 million yuan, up 27.4% year-on-year [6] - The company continues to enhance its production capacity in the power battery sector, with overseas bases gradually becoming profitable [6] - The company is expected to maintain a high level of profitability, with adjusted net profit forecasts for 2024, 2025, and 2026 being 1.41 billion, 1.70 billion, and 2.06 billion yuan respectively [6] Financial Performance - The company reported a gross margin of 23.06% in the first half of 2024, remaining stable year-on-year, with a gross margin of 23.61% in the lithium battery structural components business [6] - Operating cash flow for the first half of 2024 was 1.92 billion yuan, a significant increase of 235% year-on-year [6] - The company has a total market capitalization of 19 billion yuan and a circulating market capitalization of 13.5 billion yuan [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 10.51 billion, 13.24 billion, and 16.17 billion yuan respectively, with year-on-year growth rates of 26.0%, 22.1%, and 20.0% [7] - The net profit attributable to shareholders is projected to grow to 1.41 billion yuan in 2024, 1.70 billion yuan in 2025, and 2.06 billion yuan in 2026, with corresponding year-on-year growth rates of 17.4%, 20.4%, and 21.3% [9]