IKD(600933) Southwest Securities·2024-11-01 02:31Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported strong profit growth with a 17.46% year-on-year increase in revenue to 4.974 billion yuan and a 24.13% increase in net profit attributable to shareholders to 742 million yuan for the first three quarters of 2024 [1]. - The company is actively expanding its global footprint, establishing production bases in North America, Southeast Asia, and Europe, with plans for a new factory in Mexico to be operational by 2025 [1]. - The company is focusing on the development of new energy vehicle components, with sales of related products accounting for over 30% of total revenue in the first half of 2024 [1]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.725 billion yuan, representing a quarter-on-quarter increase of 8.40% and a year-on-year increase of 7.33% [1]. - The gross profit margin for Q3 2024 was 29.75%, up from 27.66% in Q2 2024, primarily due to a decrease in aluminum prices [1]. - The company’s net profit margin for Q3 2024 was 17.34%, reflecting a significant increase from 14.14% in Q2 2024 [1]. Earnings Forecast and Investment Recommendations - The company is projected to achieve earnings per share (EPS) of 1.08 yuan, 1.34 yuan, and 1.59 yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 19.44% in net profit attributable to shareholders over the three years [2][4]. - The report emphasizes the company's commitment to growth through a stock incentive plan aimed at key personnel, linking performance to revenue growth targets [1].