LY iTECH(002600) 天风证券·2024-12-10 13:24Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][14]. Core Insights - The company plans to acquire a 66.46% stake in Jiangsu Keda to enhance its automotive product matrix and strengthen its automotive layout, which includes products such as dashboards and other automotive interior components [1][2]. - Jiangsu Keda has established multiple production bases and is strategically positioned to serve major automotive clients, which will allow the company to tap into the growing automotive interior and exterior parts market [2]. - The report forecasts a net profit of 1.84 billion for 2024, with upward adjustments for 2025 and 2026, reflecting the anticipated benefits from AI innovations and a new replacement cycle for iPhones [4][9]. Financial Data and Valuation - The company’s projected revenues for 2024 are 39.58 billion, with a growth rate of 16% [9]. - The net profit attributable to the parent company is expected to be 1.84 billion in 2024, with a growth rate of -10.3% [9]. - The report outlines a steady increase in operating income from 34.48 billion in 2022 to 56.05 billion in 2026, indicating a robust growth trajectory [8][9]. - Key financial ratios include a P/E ratio of 33.41 for 2024 and a P/B ratio of 0.78, suggesting the stock is currently undervalued [9].