IKD(600933) Orient Securities·2024-10-31 09:47Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.8 CNY [4][2]. Core Insights - The company's performance exceeded market expectations, with a revenue of 4.974 billion CNY for the first three quarters, representing a year-on-year growth of 17.5%. The net profit attributable to the parent company reached 742 million CNY, up 24.1% year-on-year [1]. - The gross margin showed significant improvement, with a gross margin of 29.0% for the first three quarters, an increase of 0.1 percentage points year-on-year. In Q3, the gross margin was 29.7%, reflecting a year-on-year increase of 1.0 percentage points and a quarter-on-quarter increase of 2.1 percentage points [1]. - The company is optimizing its market structure and enhancing its global industrial layout, with a balanced customer base across Asia, North America, and Europe. The sales revenue from new energy vehicle products is expected to exceed 30% in the first half of 2024 [1]. - A new stock incentive plan was introduced, granting 8.032 million restricted shares, accounting for approximately 0.82% of the total share capital, aimed at motivating employees and demonstrating management's confidence in the company's long-term development [1]. Financial Summary - The company's revenue for 2022 was 4.265 billion CNY, with a projected revenue of 5.957 billion CNY for 2023, and expected to grow to 7.471 billion CNY in 2024, reflecting a year-on-year growth of 39.7% [3]. - The net profit attributable to the parent company for 2022 was 649 million CNY, with projections of 913 million CNY for 2023 and 1.072 billion CNY for 2024, indicating a year-on-year growth of 40.8% [3]. - The gross margin is expected to improve from 29.1% in 2023 to 30.0% in 2026, while the net profit margin is projected to stabilize around 15.1% by 2026 [3].