KDL(SZ:002850) Huaan Securities·2024-11-05 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in performance, with a focus on expanding its humanoid robot structural components business [1] - The company is the largest supplier of precision structural components for power batteries in China, with a high-quality customer base, and is expected to unlock new growth opportunities as production capacity gradually increases [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 8.592 billion yuan, a year-on-year increase of 10.60%, with Q3 revenue reaching 3.146 billion yuan, a year-on-year increase of 10.35% and a quarter-on-quarter increase of 7.12% [1] - The net profit attributable to the parent company for the first three quarters of 2024 was 1.016 billion yuan, a year-on-year increase of 27.86%, with Q3 net profit of 368 million yuan, a year-on-year increase of 28.70% and a quarter-on-quarter increase of 8.49% [1] - The company’s gross margin for the first three quarters of 2024 was 23.19%, a decrease of 0.14 percentage points year-on-year, while the net profit margin was 11.80%, an increase of 1.43 percentage points year-on-year [1] Business Expansion - The company is actively expanding its humanoid robot structural components business, which is critical for the functionality of humanoid robots, covering various parts from skeletons to joints and shells [1] - The company has established a joint venture, Shenzhen KML Innovation Robot Technology Co., Ltd., with several partners to enhance its capabilities in humanoid robot structural components [1] Earnings Forecast - The company is expected to achieve net profits attributable to the parent company of 1.410 billion yuan, 1.698 billion yuan, and 2.060 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 20, 16, and 14 times [1][2]