KDL(002850)2024-11-07 06:16Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown resilient profitability and stable business growth, with a projected increase in revenue and net profit over the next few years [5][6] - The company achieved a revenue of 85.92 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.60%, and a net profit of 10.16 billion yuan, up 27.86% year-on-year [4][5] - The company is expanding its overseas market presence, with production bases in Sweden and Hungary already operational, and further investments planned [5] Financial Performance Summary - Revenue projections are as follows: 2022A: 86.54 billion yuan, 2023A: 105.11 billion yuan, 2024E: 120.66 billion yuan, 2025E: 150.09 billion yuan, 2026E: 179.57 billion yuan [6] - Net profit projections are: 2022A: 9.01 billion yuan, 2023A: 12.01 billion yuan, 2024E: 14.09 billion yuan, 2025E: 16.96 billion yuan, 2026E: 19.54 billion yuan [6] - Earnings per share (EPS) are expected to grow from 3.33 yuan in 2022 to 7.22 yuan in 2026 [6] Profitability and Cost Management - The company reported a gross margin of 23.42% and a net margin of 11.68% in Q3 2024, indicating strong profitability [4] - The company has effectively managed its expenses, with significant reductions in sales, management, and R&D expense ratios compared to previous quarters [4] Market Position and Product Development - The company is recognized as a leader in lithium battery components, with ongoing product innovation including fast-charging and solid-state batteries [5] - The company is expected to continue expanding its production capacity in response to customer demand, particularly in the European market [5]