LY iTECH(002600) 浙商证券·2024-12-09 00:20Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is deepening its automotive electronics layout through the acquisition of a 66.46% stake in Jiangsu Keda, which specializes in automotive interior parts, enhancing its product matrix in the automotive sector [3][4] - The acquisition is seen as a significant step in expanding the company's automotive parts business, which is expected to benefit from the growing demand for automotive quality and personalization [4] - The company is well-positioned to leverage Jiangsu Keda's existing customer relationships with major automotive manufacturers, potentially broadening its customer base and application areas [4] Summary by Sections Investment Highlights - The company plans to acquire Jiangsu Keda to strengthen its position in the automotive supply chain, particularly in the context of the rapid growth of the domestic new energy vehicle industry [3] - Jiangsu Keda has shown strong profit growth over the past three years, with net profits of 28.34 million, 35.50 million, and 38.25 million yuan for 2022, 2023, and the first three quarters of 2024, respectively [4] - The acquisition aligns with the company's focus on technological development, as both companies prioritize innovation in manufacturing processes [4] Financial Summary - The company expects to achieve net profits of 1.92 billion, 2.86 billion, and 4.01 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 32.56, 21.89, and 15.59 [5][9] - Revenue projections indicate a growth trajectory, with expected revenues of 42.44 billion, 51.46 billion, and 64.96 billion yuan for 2024, 2025, and 2026, reflecting year-on-year growth rates of 24.38%, 21.24%, and 26.25% [9][12]