IKD(600933) Minsheng Securities·2024-10-30 08:01Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 4.97 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 740 million yuan, up 24.1% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.72 billion yuan, a year-on-year increase of 8.4% and a quarter-on-quarter increase of 7.3%, with a net profit of 290 million yuan, reflecting a significant year-on-year growth of 44.7% and a quarter-on-quarter growth of 34.0% [1]. - The company has introduced a stock incentive plan, proposing to grant 8.032 million restricted shares at a price of 7.15 yuan per share, which is approximately a 50% discount compared to the current price [1]. - The company is accelerating its market layout in the new energy vehicle sector and enhancing product development in key areas such as battery systems and intelligent driving systems [1]. Summary by Sections Financial Performance - For Q3 2024, the gross margin was 29.7%, an increase of 1.0 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, while the net profit margin was 17.3%, up 4.6 percentage points year-on-year and 3.2 percentage points quarter-on-quarter [1]. - The company expects revenues of 7.31 billion, 8.96 billion, and 10.86 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.09 billion, 1.31 billion, and 1.58 billion yuan [2][4]. Stock Incentive Plan - The stock incentive plan aims to attract and motivate key personnel, with expected amortization costs of 3.37 million, 38.19 million, and 12.36 million yuan for 2024, 2025, and 2026 respectively [1]. Market Position and Strategy - The company is focusing on increasing its market share in traditional products while expanding its electric and intelligent vehicle components business, which is expected to drive revenue growth [1].