IKD(SH:600933) Dongxing Securities·2024-09-04 00:00Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Views - The company has shown rapid growth in domestic business, with a revenue increase of 22.92% year-on-year in H1 2024, reaching 324,942.39 million yuan [2][3] - The company's net profit for the same period was 44,976.97 million yuan, reflecting a year-on-year growth of 13.62% [2][3] - The domestic revenue accounted for 45.1% of total revenue, with a significant growth rate of 34.2% year-on-year [2][3] - The company is actively expanding its product offerings in the new energy vehicle sector, focusing on high-pressure die-casting products for electric vehicle components [2][3] Summary by Sections Financial Performance - In H1 2024, the company's comprehensive gross margin was 28.68%, slightly down from 29.06% in the same period last year [3] - The Q2 gross margin was 27.66%, lower than Q1's 29.67% and last year's 28.53%, attributed to rising raw material prices and shipping costs [3] - The company expects short-term easing of these pressures, with a forecasted net profit of 11.5 billion yuan for 2024, growing to 17.9 billion yuan by 2026 [3][8] Global Strategy - The company is advancing its globalization strategy, with new production bases in North America and Malaysia, and plans for a subsidiary in Hungary [3][4] - The second phase of the North American plant is set to begin production in Q2 2025, focusing on components for new energy vehicles [3][4] Market Position - The company holds a competitive advantage in the small and medium-sized component sector, with a growing market share in the new energy vehicle segment [3][8] - The report projects continued growth in revenue and profit margins, supported by efficient operations and robust financial strength [3][8]