IKD(600933) 华创证券·2024-10-30 15:10Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.2 CNY, compared to the current price of 15.48 CNY [1][2]. Core Insights - The company's Q3 performance exceeded expectations, with revenue of 4.97 billion CNY, a year-on-year increase of 17%, and a net profit attributable to shareholders of 742 million CNY, up 24% year-on-year [1]. - The revenue for Q3 2024 reached 1.72 billion CNY, showing a quarter-on-quarter growth of 8% and a year-on-year growth of 7%, significantly outperforming the domestic passenger car wholesale market [1][2]. - The net profit margin improved to 17.3%, reflecting a 4.6 percentage point increase quarter-on-quarter [1]. Financial Performance Summary - The company forecasts net profits of 1 billion CNY, 1.22 billion CNY, and 1.5 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 9%, 22%, and 23% [2]. - The projected total revenue for 2024 is 7.01 billion CNY, with a year-on-year growth rate of 17.7% [2]. - The gross profit margin is expected to remain strong, with estimates of 29.7% for Q3, reflecting an increase from previous quarters [1][2]. Business Strategy and Outlook - The company is focusing on expanding its product offerings in larger components, driven by the shift towards electric vehicles, which is expected to increase the value of aluminum castings per vehicle significantly [1]. - The company has accelerated the construction of new production capacities overseas, including projects in Mexico and Malaysia, to better meet the demands of Tier 1 suppliers and OEMs in Europe and North America [1][2].