KDL(002850) 财通证券·2024-11-03 02:23Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Insights - The company achieved a revenue of 8.592 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 11%. The net profit attributable to shareholders was 1.016 billion yuan, up 28% year-on-year [2][3] - The company successfully mitigated the impact of price reductions, maintaining stable profitability with a gross margin of 23.19% and a net margin of 11.80% for the first three quarters of 2024 [2][3] - The company is expanding its global footprint, with production bases in Sweden and Hungary already operational, and plans for a factory in Malaysia to cater to Southeast Asian clients [3][4] - The company is focusing on precision components and robotics, with partnerships aimed at opening a second growth curve [3][4] Financial Performance Summary - Revenue (in million yuan): 2022A: 8654, 2023A: 10511, 2024E: 12695, 2025E: 15301, 2026E: 18147 [4] - Net Profit (in million yuan): 2022A: 900, 2023A: 1201, 2024E: 1410, 2025E: 1654, 2026E: 1902 [4] - EPS (in yuan): 2022A: 3.86, 2023A: 4.82, 2024E: 5.21, 2025E: 6.11, 2026E: 7.02 [4] - PE Ratios: 2024E: 19.27, 2025E: 16.42, 2026E: 14.28 [4] - ROE: 2024E: 12.25%, 2025E: 13.11%, 2026E: 13.70% [4]