KDL(SZ:002850) Haitong Securities·2024-11-03 23:07Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown continuous growth in performance, with a revenue of 8.592 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.60%. The net profit attributable to shareholders reached 1.016 billion yuan, up 27.86% year-on-year [5] - The company has demonstrated strong cost control and efficiency improvement, maintaining a high level of profitability despite price reductions in the structural components industry [6] - The company is expanding its overseas market presence, with production bases in Sweden and Hungary already operational, and plans for a 600 million yuan investment in Malaysia to enhance production capacity [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 8.592 billion yuan, with a net profit of 1.016 billion yuan. The gross margin was 23.19%, and the net profit margin was 11.83% [5] - The company’s revenue for Q3 2024 was 3.146 billion yuan, with a net profit of 368 million yuan, reflecting a year-on-year increase of 10.35% and 28.70% respectively [5] Cost Control and Efficiency - The company has effectively managed its costs, with a period expense ratio of 14.11% for the first three quarters of 2024, down 1.05 percentage points year-on-year. The management expense ratio was 7.89%, a decrease of 0.57 percentage points [6] Market Expansion - The company is actively expanding its overseas operations, with production bases in Sweden and Hungary operational, and a new investment in Malaysia aimed at increasing production capacity for lithium battery precision structural components [6] Profit Forecast and Valuation - The company is expected to achieve net profits of 1.449 billion yuan, 1.713 billion yuan, and 1.940 billion yuan for 2024, 2025, and 2026 respectively. The estimated price-to-earnings ratio for 2024 is projected to be between 25-30 times, corresponding to a reasonable value range of 133.72 to 160.46 yuan [7][8]