KEBODA(603786) Orient Securities·2024-11-03 03:11Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.74 CNY, based on a comparable company PE average valuation of 34 times for 2024 [2][4]. Core Views - The company's performance exceeded market expectations, with a revenue of 4.273 billion CNY for the first three quarters, representing a year-on-year growth of 33.8%. The net profit attributable to the parent company was 607 million CNY, also up by 33.2% year-on-year [1][2]. - The company is experiencing significant growth in its domain control products and new energy customer segments, which are expected to drive profitability upward. The energy management system products saw a remarkable revenue increase of 99.5% year-on-year in the first three quarters [1][2]. - The company is expanding its customer base in the new energy vehicle sector, with significant orders from emerging car manufacturers, which is anticipated to further boost performance [1]. Financial Summary - Revenue for 2022 was 3.384 billion CNY, projected to grow to 6.094 billion CNY by 2024, reflecting a compound annual growth rate (CAGR) of 31.8% [3]. - The net profit attributable to the parent company is expected to rise from 450 million CNY in 2022 to 854 million CNY in 2024, indicating a year-on-year growth of 40.3% [3]. - The company's gross margin is projected to stabilize around 30.6% in 2024, with a slight increase to 31.7% by 2026 [3].