IKD(SH:600933) Soochow Securities·2024-09-01 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2024 performance met expectations, with revenue growth driven by product category expansion and accelerated global layout [3][4] - The company achieved a total revenue of 3.249 billion yuan in the first half of 2024, representing a year-on-year increase of 22.92%, and a net profit attributable to shareholders of 450 million yuan, up 13.62% year-on-year [3] - In Q2 2024, the company reported revenue of 1.607 billion yuan, a year-on-year increase of 15.88%, but a quarter-on-quarter decline of 2.14% [3] - The gross margin for Q2 2024 was 27.66%, down 2.01 percentage points from the previous quarter, primarily due to rising aluminum ingot and shipping prices [3] Summary by Sections Financial Performance - The company’s total revenue for 2022 was 4.265 billion yuan, increasing to 5.957 billion yuan in 2023, with projections of 7.220 billion yuan for 2024, 8.734 billion yuan for 2025, and 10.557 billion yuan for 2026 [2] - The net profit attributable to shareholders was 648.54 million yuan in 2022, rising to 913.40 million yuan in 2023, with forecasts of 1.02819 billion yuan for 2024, 1.25342 billion yuan for 2025, and 1.51431 billion yuan for 2026 [2] - The earnings per share (EPS) for 2024 is projected at 1.05 yuan, with a price-to-earnings (P/E) ratio of 11.69 [4] Product and Capacity Expansion - The company is expanding its product categories, achieving comprehensive coverage in areas such as electric drive systems, automotive structural components, thermal management, and intelligent driving systems [3] - The company has initiated production at its first phase in Mexico and is constructing a second phase, expected to commence in 2025 [3] - A new production base in Hungary is being established to enhance its layout in body structure and shell components [3] Market Data - The closing price of the company's stock is 12.30 yuan, with a market capitalization of approximately 12.02158 billion yuan [6] - The company has a price-to-book (P/B) ratio of 1.50 and a total asset-liability ratio of 40.28% [7]