IKD(SH:600933) Donghai Securities·2024-11-01 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 1.725 billion yuan in Q3 2024, representing an 8% year-on-year increase, and a net profit attributable to shareholders of 292 million yuan, up 45% year-on-year [7] - The gross margin improved significantly, reaching 29.75% in Q3 2024, an increase of 0.96 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [7] - The company is successfully transitioning to larger components and expanding its global production capacity, with plans to increase the share of large-tonnage die-casting products by 25% by 2025 and 40% by 2030 [8] Summary by Sections Financial Performance - In Q1-Q3 2024, the company achieved a total revenue of 4.974 billion yuan, a 17% increase year-on-year, with a net profit of 742 million yuan, up 24% year-on-year [7] - The company’s net profit forecast for 2024-2026 is 1.041 billion yuan, 1.305 billion yuan, and 1.581 billion yuan respectively, with corresponding EPS of 1.07 yuan, 1.33 yuan, and 1.62 yuan [9] Cost Management - The company’s expense ratio decreased, with the period expense ratio at 11.61%, down 0.67 percentage points year-on-year [7] Employee Incentives - The company launched a stock incentive plan covering 857 key employees, with performance targets set for revenue growth rates of 15.35%/19.19% for 2025 and 20.72%/25.90% for 2026 [8] Market Positioning - The company has a strong customer base in the global market, including major Tier 1 suppliers, and is expanding its product offerings in both small and large components [8]