IKD(SH:600933) Southwest Securities·2024-09-03 07:40Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.249 billion yuan for the first half of 2024, representing a year-on-year increase of 22.92%. The net profit attributable to shareholders was 450 million yuan, up 13.62% year-on-year [2] - The decline in profitability in Q2 2024 was attributed to rising raw material costs, particularly aluminum prices, which averaged 20,531 yuan per ton in Q2 2024, showing a year-on-year increase of 10.9% [2] - The company is actively optimizing its product structure to align with the trends of electrification and intelligence in the automotive industry, with over 30% of its sales coming from products for new energy vehicles in the first half of 2024 [2] - The company is expanding its global footprint by establishing production bases in North America, Southeast Asia, and Europe, with plans for a new factory in Mexico focused on components for new energy vehicles [2] Financial Summary - For 2024-2026, the company is projected to achieve earnings per share (EPS) of 1.08, 1.39, and 1.72 yuan, respectively, with a compound annual growth rate (CAGR) of 22.5% for net profit attributable to shareholders [2][3] - The expected revenue for 2024 is 7.536 billion yuan, with a growth rate of 26.50%, and the net profit is projected to be 1.054 billion yuan, reflecting a growth rate of 15.39% [3][10] - The company's gross margin is expected to be around 29.1% for 2024, slightly decreasing over the next few years [7][10]