IKD(600933) 中泰证券·2024-09-04 03:10Investment Rating - The report maintains a "Buy" rating for the company with a market price of 12.38 yuan [1]. Core Insights - The company demonstrates strong operational resilience despite industry demand fluctuations, with a revenue of 1.607 billion yuan in Q2 2024, reflecting a year-on-year decrease of 3.8% [2]. - The company is a leading supplier of aluminum alloy precision die-casting parts for the automotive industry, with a diverse customer base including global automotive suppliers and well-known manufacturers [3]. - The expansion of overseas production bases is accelerating, contributing to the company's strategic transformation and enhancing its supply chain [4]. - Revenue forecasts for 2024-2026 have been adjusted to 7.45 billion, 9.68 billion, and 12.1 billion yuan respectively, with corresponding growth rates of 25%, 30%, and 25% [4]. Financial Performance Summary - Revenue and profit projections indicate significant growth, with net profit expected to reach 1.211 billion yuan in 2025, reflecting a 24% year-on-year increase [1][4]. - The company's earnings per share (EPS) is projected to grow from 0.93 yuan in 2023 to 1.51 yuan in 2026 [1]. - The company maintains a healthy return on equity (ROE) of 15% in 2026, with a price-to-earnings (P/E) ratio decreasing from 18.7 in 2022 to 8.2 in 2026, indicating improved valuation [1][4].