IKD(SH:600933) Capital Securities·2024-09-14 08:39Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 3.249 billion yuan for the first half of 2024, representing a year-on-year growth of 22.92%. The net profit attributable to shareholders was 450 million yuan, up 13.62% year-on-year [4] - The company experienced strong domestic sales growth, with Q2 2024 revenue reaching 1.607 billion yuan, a year-on-year increase of 15.88%. However, net profit for Q2 2024 decreased by 3.80% year-on-year [4] - Profit margins are under pressure but are expected to gradually recover in the second half of the year. The gross profit margin for Q2 2024 was 27.66%, down 0.87 percentage points year-on-year [4] - The company is making progress in its new energy business and expanding its client base, with a product structure that now includes key components for new energy vehicles [4] - The company is enhancing its global supply chain and has initiated the construction of a second factory in Mexico, expected to start production in Q2 2025 [4] - The company is projected to achieve revenues of 7.37 billion yuan, 9.12 billion yuan, and 11.64 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.02 billion yuan, 1.27 billion yuan, and 1.60 billion yuan [4][5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.249 billion yuan, a 22.92% increase year-on-year, and a net profit of 450 million yuan, up 13.62% year-on-year [4] - Q2 2024 saw revenue of 1.607 billion yuan, a 15.88% increase year-on-year, but net profit decreased by 3.80% [4] Profitability - The gross profit margin for Q2 2024 was 27.66%, down from the previous year, indicating pressure on profit margins [4] - The company expects a gradual recovery in profit margins in the second half of the year [4] Business Expansion - The company is expanding its new energy business and improving its client base, with a focus on key components for new energy vehicles [4] - The construction of a second factory in Mexico is underway, with production expected to start in Q2 2025 [4] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 7.37 billion yuan, 9.12 billion yuan, and 11.64 billion yuan respectively, with net profits of 1.02 billion yuan, 1.27 billion yuan, and 1.60 billion yuan [4][5]