KDL(002850)2024-11-05 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q1-Q3 2024 revenue reached 8.592 billion yuan, a year-on-year increase of 10.60%, while the net profit attributable to shareholders was 1.016 billion yuan, up 27.86% year-on-year [2][6] - The company has accelerated its overseas expansion, with plans to invest up to 600 million yuan in Malaysia to establish a production base with an annual capacity of 1.3 billion yuan [6] - The company maintains a robust profitability level despite price reductions, attributed to excellent expense management and significant growth in other income [6] Financial Performance - For Q1-Q3 2024, the gross margin and net profit margin were 23.19% and 11.83%, respectively, with slight year-on-year changes [6] - The company expects revenue growth rates of 17.46%, 20.25%, and 20.05% for 2024, 2025, and 2026, respectively, with net profit growth rates of 18.46%, 22.43%, and 21.65% [6][7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.25 yuan, 6.43 yuan, and 7.82 yuan, respectively [6][7] Market Position and Strategy - The company has established a multi-point layout in Europe, North America, and Southeast Asia, enhancing its global market share [6] - The company is positioned as a leading structural component manufacturer for electric vehicles, benefiting from the growing demand in the new energy vehicle sector [6]