KDL(SZ:002850) China Post Securities·2024-08-27 04:58Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% compared to the benchmark index [8]. Core Views - 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 [4]. - The company has established a comprehensive domestic production capacity and solid customer relationships, focusing on localized production to serve key lithium battery industry regions [4]. - The company is actively expanding its international market presence, with ongoing construction of production bases in Germany, Sweden, and Hungary, and has established a joint venture in the U.S. to enhance its competitive edge [4]. - The customer base includes leading firms such as CATL, Panasonic, LG, Samsung, and Tesla, which is expected to further enhance market share [4]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 12.894 billion yuan, 15.801 billion yuan, and 18.405 billion yuan, representing year-on-year growth rates of 22.66%, 22.55%, and 16.48% respectively [5]. - Net profit attributable to shareholders is forecasted at 1.338 billion yuan, 1.653 billion yuan, and 2.097 billion yuan for the same period, with growth rates of 11.44%, 23.48%, and 26.92% respectively [5]. - The corresponding price-to-earnings (P/E) ratios are projected to be 14.52, 11.76, and 9.27 for 2024, 2025, and 2026 [5].